FAUS - Australian Economy Slumps In April As COVID-19 Lockdown Hits Demand
Flash PMI data pointed to a collapse in business activity across Australia's private sector economy in April as lockdown measures designed to prevent the spread of COVID-19 took their toll on demand, particularly for services. Consequently, workforce numbers were reduced sharply, contributing to the first decline in business costs in the four-year survey history. Costs of factory inputs rose at the steepest rate for two years, however, linked to supply shortages and the weakened currency. Business confidence remained subdued in the historical context, with concerns about future demand unsurprisingly dominated by the virus pandemic.
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