Key snippet from the final CBA............>

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."