Australian construction industry contracted in May

Note: This section contains information in English only.
Source: Forexfactory
Australian construction industry shank for 24th month in a row in May. Australian PCI lost 0.2 points, attaining 34.7 in May; reading below 50 signals contraction. Meanwhile, the sharpest fall was registered in commercial construction and house and building activity. The data mostly reflects cyclical downturn in the industry; however, recent interest rate cuts from the RBA are likely to provide fresh stimulus for construction industry, said Julia Toth, Chief Economist of Australian Industry Group.



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