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, rose to +0.30% in November from -0.39% in October.
- Leading Index growth rate lifts to +0.30%.
- November marks the first positive, above-trend read since mid-2022.
- Some of the surprise up-tick appears to be due to temporary factors.
- Underlying momentum is shifting as policy tightening slows but more consistent with stabilisation than the beginning of a cycle upturn.
Info via Westpac.
The up 0.3% is not going to set any records, but it's the best its been for a year and a half or so.
