The preliminary for this was better, its here:
Comes in at 51.0
- prelim was 51.7, prior also 51.7
Production shrinks for the first time in three
months
- New orders rise at weaker pace
- Stocks of purchases decline as buying activity falls
Commentary from the report is upbeat regardless
“May’s Australia Manufacturing PMI data revealed
that the goods producing sector continued to expand.
- Despite a moderation in the pace of growth, anecdotal
evidence suggested that the slower rate of expansion,
including a slight reduction in output, was partially driven
by the election and may therefore prove temporary. - Indeed, forward-looking indicators provided signs
that output may increase in the coming months with
renewed export order growth, and the first recorded lift
to business confidence since February. - Employment
gains also continued at a solid pace as firms showed
willingness to backfill previously lost roles to support
operations. - “On the price front, easing inflation in May also
represented a positive development for demand growth
in the coming months, with cost pressures among the
lowest in over a year.”
This article was written by Eamonn Sheridan at www.forexlive.com.
