Australia - Westpac leading index for August: +0.48% m/m (prior +0.05%)

Author: Eamonn Sheridan | Category: News

To 95.84 from its previous 95.38

An improvement, very small

WPAC notes on the results:
components of the Index that explained the bulk of the improvement over the month were
  • Consumer Sentiment
  • Unemployment Expectations
  • dwelling approvals
the Leading Index growth rate has continued to improve from the extreme low set in April, it remains below the pace immediately prior to Australia’s nationwide lockdown
main source of additional drag is coming from 
  • monthly hours worked 
  • US industrial production
  • commodity prices 
  • These shifts have been mostly offset by more positive contributions from other components 
WPAC sees growth in the September quarter will be a solid 1.8% 
  • December quarter 2.2% (expected recovery pace in Victoria is downgraded)

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