Via WPAC on the data point out a little earlier:
- 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 lifted to 1.71% in March from 1.02% in February.
- This is the fastest growth rate of the Index since May 2021.
- There has been a strong recovery in the Leading Index over the last six months. The growth rate in the Index has lifted from -0.33% in October to 1.71% in March. Positive contributors have been sourced both domestically (particularly in the labour market) and internationally.
- In the last month the increase in the growth rate from 1.02% to 1.71% was largely driven by improvements from offshore ... Domestically ... hours worked continues to be a very important contributor to the recovery in the Index (contributing 0.43 ppt’s to the growth rate).