Construction work done for Q2 2019 comes in at a big miss, -3.8% q/q
- expected -1.0% q/q, prior -1.9%
An ugly result, much worse than expected. Back in May we got the Q1 data point (the -1.9% against expectations of flat) which raised expectations of an RBA rate cut in June (which we indeed had). I don't think that is the case this time … but, yeah. This is not a good result at all.
More:
- down 11.1% y/y
By sector:
- Residential down 5.1% q/q and now -9.6% y/y
- Non-residential down 6.6% q/q, -3.3% y/y
- Engineering down 1.1% q/q and -15.9% y/y
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For background on this:
