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Australia's Private Sector Rebounds In June

Australia's private sector rebounded in June reflecting the loosening of restrictions related to the coronavirus pandemic, survey results published by IHS Markit showed Tuesday.

The Commonwealth Bank flash composite output index climbed to 52.6 in June from 28.1 in the previous month. A score above 50 indicates expansion.

The increase was centered on the service sector, which saw a rise in activity for the first time in five months. Meanwhile, manufacturing production continued to fall, although at a much softer pace.

New orders stabilized, ending a four-month sequence of decline, but companies continued to reduce employment as they generally operated below normal capacity.

Input prices increased for the first time in three months. Output prices also increased in June, but at a slower pace than input costs.

Confidence around the 12-month outlook for activity improved to the highest for nine months amid optimism that economic conditions will return to normal.

The flash services Purchasing Managers' Index rose to 53.2 in June from 26.9 in the previous month.

At the same time, the manufacturing PMI came in at 49.8 versus 44.0 in May.

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