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AUSTRALIA: Key snippet from the final CBA manufacturing PMI reading: "Falling
sales, material shortages and, in some cases, factory closures led to a record
decline in production volumes during May. With sharply reduced output
requirements, companies sought to reduce capacity by cutting their staff numbers
for a sixth straight month. Backlogs of work fell at a new record rate. In line
with weaker demand, firms scaled back on their purchasing activity, with the
rate of decline the sharpest on record. Inventories of both inputs and finished
goods were also depleted at steep rates. Meanwhile, the time taken to deliver
inputs to factories continued to lengthen due to reduced freight capacity,
delays in transport routes and supply shortages. Although vendor performance
deteriorated at a slower pace than in April, the rate of decline was the
second-fastest in the survey history... On a brighter note, business sentiment
improved to the strongest in five months, with firms expecting output to rise in
the coming year on further easing of COVID-19 restrictions and subsequent return
to normal conditions."