CBA/Markit Services and Composite PMI for May (final)
- Services come in at 26.9 vs. preliminary 25.5 , prior 19.5
- Composite in at 28.1 vs. preliminary 26.4, prior 21.7
Key findings from the report:
- business activity across the Australian service sector falling substantially further in May as ongoing measures to contain the COVID-19 pandemic continued to hit demand.
- However, the rate of decline in both activity and new orders eased as some restrictions were relaxed during the month.
- Furthermore, business confidence improved markedly due to expectations of a further easing of containment measures.
Well, those comments certainly indicate that demand for lipstick to put on this pig surged.
For more on the flash readings:
