FLAU - Flash Australia PMI Signals A Further Slump In Business Activity During May
May saw another substantial fall in business activity across Australia, setting the scene for a deepening downturn in the economy during the second quarter. Even as lockdown measures were relaxed in mid-May, this only contributed to a minor easing of the rate of contraction in business activity as demand continued to weaken. This resulted in job losses persisting into May as firms worried about excess capacity.
However, a bright spot in the flash survey data came from the longer-term business outlook, as more firms expressed optimism based on expectations that the COVID-19 situation will improve