Australia CBA PMI Composite rose to 26.4 in May, up from 21.7. PMI Services improved from 19.5 to 25.5. However, PMI Manufacturing dropped from 44.1 to 42.8.
CBA Head of Australian Economics, Gareth Aird said: “May should mark the low point in the PMIs and we would expect activity to lift from here on a monthly basis. Company views on the economic outlook have improved and the lift in confidence is welcome. That said, it will be a long time before activity returns to pre-COVID-19 levels. And deflationary pressures highlight the huge amount of slack we have now in the economy.”
