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Westpac Leading Index Deteriorates Further, Growth Outlook Soft

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The Westpac leading index for October fell for the sixth-consecutive month. It fell 0.05% m/m after a downwardly revised 0.07% last month. The 6-month annualised growth rate, which is a gauge of growth 3 to 9 months ahead, fell to a new post-pandemic low of -1.19% from -1.09%. The index is consistent with RBA forecasts of growth slowing in 2023.

  • Continued monetary tightening, falling commodity prices and slower growth in employment and hours worked are the reasons for the slowdown in the leading indicator over the last six months.
  • See report here.
Westpac leading index 6m/6m ann %

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The Westpac leading index for October fell for the sixth-consecutive month. It fell 0.05% m/m after a downwardly revised 0.07% last month. The 6-month annualised growth rate, which is a gauge of growth 3 to 9 months ahead, fell to a new post-pandemic low of -1.19% from -1.09%. The index is consistent with RBA forecasts of growth slowing in 2023.

  • Continued monetary tightening, falling commodity prices and slower growth in employment and hours worked are the reasons for the slowdown in the leading indicator over the last six months.
  • See report here.
Westpac leading index 6m/6m ann %

Keep reading...Show less