CBA Flash PMI craters

Via CBA, it begins:

The latest Commonwealth Bank Flash Composite PMIĀ® signalled that the outbreak of the coronavirus disease 2019 (COVID-19) led to a steep decline in business activity at Australian companies in March. The overall contraction was led by the service sector, which posted a much faster reduction than was seen at manufacturers. Meanwhile, confidence in the one-year outlook dropped sharply, but employment was reduced at a relatively muted pace.

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