Terrible result, contrasting with the rise for the AiG PMI earlier:

CBA/Markit Manufacturing PMI for May comes in at 44.0:

  • preliminary 42.8 (link here for more on the flash read)
  • prior 44.1

CBA/Markit key points:

  • a substantial deterioration in operating conditions during May as ongoing efforts to curb the spread of the COVID-19 pandemic continued to weigh on the sector.
  • Output and purchasing activity both fell at record rates while demand weakened further.
  • This led to firms discounting prices for the first time since October 2016 despite increased costs.
  • That said, business confidence about the future rose to a five-month high