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Australia's Manufacturing PMI At All-Time Low

Australia's manufacturing sector logged a sharp deterioration in operating conditions in May amid ongoing measures to contain the spread of the coronavirus, or Covid-19, survey results from IHS Markit showed Monday.

The Commonwealth Bank factory Purchasing Managers' Index fell to 44.0 in May from 44.1 in April. A score below 50 indicates contraction.

According to the survey, the impact of the global pandemic on Australian factories remained severe.

Output and purchasing activity both fell at record rates while demand weakened further.

Consequently, firms resorted to discounting for the first time since October 2016 despite increased costs. Nonetheless, business confidence about the future rose to a five-month high.

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