Barely any change following last month's barely any change.
From the WPAC report, in a very brief summary:
- The Index growth rate has now been in negative territory for two consecutive months.
- Given that our two major cities were locked down for most of the September quarter and into October the Index has held up quite well.
- One key consideration has been that despite these lockdowns the rest of the country has been operating above trend. The global backdrop has also been much more supportive with US industrial production continuing to drive a strong recovery - in stark contrast to the major negative impact this was having on the Index in the June quarter last year.
- Finally, while hours worked were a drag on the Index in September and October confidence measures and the sharemarket have held up well.