Australia's services sector remained in contraction in March, but the level of activity improved slightly from February, according to data released Wednesday.
The Australian Industry Group-Commonwealth Bank's Performance of Services Index reading for March was 47.0, an increase of 0.3 from the February reading of 46.7.
Readings below 50.0 indicate contraction of activity in the measured sector.
"The further slowing of the services sector in March and the associated fall in selling prices, employment and new orders reinforces the picture of a national economy in which large sectors have no or only very little momentum," said AIG Chief Executive Innes Wilcox.
by RTT Staff Writer
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