Australia Factory Activity Contracts at Record Pace
The Commonwealth Bank Manufacturing PMI in Australia declined to 44.0 points in May of 2020, slightly down from April's 44.1, but revised higher from a preliminary estimate of 42.8. The reading pointed to the steepest contraction on record in factory activity, purchasing activity both fell at record rates while demand remained subdued. On the price front, input costs rose further in May, driven my continued supply disruptions and a weaker exchanged rate. However, this led firms to reduce their selling prices for the first time since October od 2016. Finally, business sentiment improved to the strongest in five months.
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