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Australia Manufacturing Sector Rebounds In June

Australia's manufacturing conditions improved in June as the country relaxed its lockdown measures, final survey data from IHS Markit showed Wednesday.

The Commonwealth Bank Purchasing Managers' Index rose to 51.2 in June from a record low of 44.0 in May. A score above 50 indicates expansion in the sector. The flash reading was 49.8.

The survey indicated a marked easing in the rates of decline in both production and new orders while confidence rose to a 16-month high on hopes of a further improvement in the coming months.

However, firms were reluctant to invest in new capacity and instead reduced employment and input purchasing to contain costs in June, the survey showed.

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