Australia’s private sector contracted substantially in May as ongoing measures to contain the spread of the [coronavirus][1] continued to hit demand, survey results from IHS Markit showed Wednesday.
The Commonwealth Bank services Purchasing Managers’ Index climbed to 26.9 in May from 19.5 in the previous month. However, a score below 50 indicates contraction.
Although the pace of contraction was slower than in April, the rate of decline was the second-fastest in the survey history.
The rate of decline in both activity and new orders eased in May. Moreover, [business][2] confidence improved markedly due to expectations of a further easing of containment measures.
The Commonwealth Bank composite output index came in at 28.1 versus 21.7 in the previous month. The score suggested a severe decrease in overall business activity.
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