Australian manufacturing sector improved but remained in contraction this month, according to the latest data released by both the Commonwealth Bank of Australia (CBA) and the Markit Economics on Tuesday.
The CBA Preliminary Manufacturing Purchasing Managers Index (PMI) arrived at 49.8 in June vs. 49.3 expected and 44.0 last.
The CBA Preliminary Services PMI came in at 53.2 in June vs. 25.7 expected and 26.9 booked in May.
Meanwhile, The CBA Preliminary Composite PMI to 52.6 in the reported month vs. 28.1 previous.
About Australian CBA PMI
The Manufacturing Purchasing Managers Index (PMI) released by both the Commonwealth Bank of Australia and the Markit Economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the Manufacturing PMI is an important indicator of business conditions and the overall economic condition in Australia. A result above 50 signals is bullish for the AUD, whereas a result below 50 is seen as bearish.
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