Although the Australian private sector economy moved back into contraction mode in May, according to Flash PMI® data by S&P Global, the decline in output was softer than that seen in March. Still, new orders fell at the fastest pace since September 2021, and employment was down for the first time since the end of 2024. Meanwhile, business sentiment was at its joint-weakest on record, as concerns over elevated inflationary pressures lingered. Down from 50.4 in April, the headline seasonally adjusted S&P Global Flash Australia PMI® Composite Output Index dropped below the crucial 50.0 mark to 47.8 in May. This marked ... (full story)