Australia Seems Headed Toward A ‘Service-Sector Recession,’ And America Could Be Next

For advanced economies, the transition to the digital age where manufacturing once reigned has its downside. Because when service jobs disappear — as has been the case during the pandemic — they’re slow to come back, if they ever do. Consider Australia, which may be entering its first recession since the early 1990s.

Experts generally define a recession as two consecutive quarters of contraction in gross domestic product (GDP), and a recent Reuters survey of economists estimates that Australia’s roughly $1.4 trillion GDP contracted 30 basis points in the first quarter.

Read more: www.pymnts.com/economy/2020/australia-seems-headed-toward-a-service-sector-recession-and-america-could-be-next/