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Westpac Leading Indicator Points To Stabilising Growth

AUSTRALIA DATA
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The Westpac leading index for June was flat on the month, in line with May. The 6-month annualized change, which leads detrended growth by 3 to 9 months, improved slightly to -0.13% from -0.28%. Growth looks like it will remain lacklustre into year-end but may improve moderately with Westpac forecasting a pickup from 0.8% annualized in H1 2024 to 2.2% in early 2025. The main drag on the indicator was commodity prices, they have made negative contributions for the last four months. Dwelling approvals were also negative but labour market indicators, hours worked and Westpac unemployment expectations, were positive.

Australia Westpac leading index vs GDP

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The Westpac leading index for June was flat on the month, in line with May. The 6-month annualized change, which leads detrended growth by 3 to 9 months, improved slightly to -0.13% from -0.28%. Growth looks like it will remain lacklustre into year-end but may improve moderately with Westpac forecasting a pickup from 0.8% annualized in H1 2024 to 2.2% in early 2025. The main drag on the indicator was commodity prices, they have made negative contributions for the last four months. Dwelling approvals were also negative but labour market indicators, hours worked and Westpac unemployment expectations, were positive.

Australia Westpac leading index vs GDP

Keep reading...Show less