From Westpac / Melbourne Institute, summary points:
- 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, declined to -0.78% in April from -0.69% in March.
- Leading Index growth rate remains stuck firmly below trend at –0.78%.
- Ninth consecutive negative print.
- slowdown in 2023 now looks set to carry into 2024.
- Components show weakness shifting from financial conditions to construction and commodity sectors.
The title of the report on the result is Leading Index points to weakness extending into 2024
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AUD is barely changed.