We had manufacturing and service PMIs earlier this week, this construction number completes Australia’s round of PMIs for May.
- +0.8 points on the month, but still in contraction
- Apartment building increased 7.0 points to 64.9
- Commercial construction contracted (albeit at a slower rate) at 49.7
- Engineering construction fell further – registering 34.8.
- There were reductions in the rate of contraction in employment (up 3.8 to 47.1) and deliveries (up 3.1 to 47.0) however, wages (59.1) and input prices (66.1) remain high
