June quarter GDP data (April - June)
0.8 % q/q ... for a miss on the expectations that had been revised higher after yesterday's export data ... d'oh!
- expected 0.9% q/q, prior 0.3%
1.8 % y/y ... ditto on the miss
- expected 1.9% y/y, prior 1.7%
Immediate AUD response is a marking lower, back under 0.8 as I update
More:
The key numbers (via Australian Bureau of Statistics):
- The Australian economy grew by 0.8% in the June quarter
- Household final consumption expenditure increased 0.7%
- Government final consumption expenditure increased 1.2%
- Exports rose 2.7% for the quarter
- Compensation of employees increased 0.7%
- Terms of trade fell 6.0% in the quarter
I reckon some other key numbers are:
- Public infrastructure spending +0.6% while private is down 0.2% .... need to do better
For a strong economy there is still a lot of reliance on government spending.
The AUD is not being taken to the woodshed after the figures, but its getting a smack around the head on its way there ....
Market is long AUD, providing plenty of sellers right now.
more to come