Australia data – eleventh consecutive negative print for the Leading Index growth rate

<p>The headline: Westpac Leading Index for June +0.11% m/m (prior -0.26%). More attention is paid to the Leading Index growth rate, as below:</p><p>Westpac's summary from their report:</p><p>The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of Australian economic activity relative to trend three to nine months into the future, lifted to -0.51% in June from -1.01% in May.</p><p>Leading Index growth rate lifts from -1.01% in May to -0.51% in June.
This is the eleventh consecutive negative print for the growth rate.</p><ul><li>
US industrial production and dwelling approvals explained most of the improvement.
</li><li>Market expectations of a lower RBA cash rate also lifted the Index.
</li><li>Deteriorating confidence in the labour market was a drag on the Index.</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.