Source: Commonwealth Bank of Australia
Business activity grows as optimism about economic conditions improves, according to initial results of the latest CBA Purchasing Managers Index.
Tuesday, 23 June 2020: The latest Commonwealth Bank ‘Flash’ Purchasing Manager Index (PMI) points to a return to growth of Australian private sector output in June as coronavirus restrictions are loosened. The increase was centred on the services sector, which saw a rise in activity for the first time in five months while manufacturing production continued to fall, although at a much softer pace.
The return to growth in June comes as the easing of coronavirus restrictions saw the resumption of operations at many firms.
Services business activity increased in June as operations resumed and customer demand increased while the manufacturing sector experienced much softer reductions in output, pointing to a stabilisation as new orders and exports were recorded.