Australia Building Approvals for November: -9.1% m/m (expected -0.3%)
The data (in a nutshell) is glimpse into the 'pipeline' of work to come - its been trending lower for quite some time indeed
Comes in today at -9.1% m/m
- expected -0.3% m/m, prior -1.4% revised from -1.5%
And at -32.8% y/y
- expected -24.8% y/y, prior -13.1%, revised from -13.4%
Ugly numbers … admittedly its a volatile data set …. but the result well under already low estimates.
The lowest result for a month since August 2013.
The y/y results the past 3 years or so:
We had some excitement with this data point about 10 minutes before the official release, a tech error I would suggest at one of the wires: