The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, ticked up to 0.12% in July from 0.01% in June.
Notes from analysts at WPAC:
Leading Index growth rate ticks up to 0.12% in July.‘Slow motion’ recovery continues to underwhelm. Main headwind coming from commodity price falls and higher AUD.Softer tone from labour market but other components lacking direction.
AUD/USD is little changed circa 0.6494.
This article was written by Eamonn Sheridan at investinglive.com.