Australia AiG Performance of Services Index rose to 31.6 in May, up from 27.1. While the data indicates slower pace of contraction, it’s still the second lowest result on record. In trend term, the index dropped -3.4 pts to 30.8, with declines across all services sectors.
AiG also noted, “heavy restrictions on activity in response to the COVID-19 pandemic have taken a large toll on most of Australia’s services industries… The recent easing of restrictions in some locations led to muted optimism for businesses who responded later in May.”
