Westpac-MI Leading Index flat on the month
It was actually a fall of 0.04% ... rounded to flat
The six month annualised deviation from trend growth rate (this indicates the likely pace of economic activity three to nine months into the future) fell to -1.24% in January, from -1.00% in December
WPAC comments (bolding mine):
- Disappointing results continue
- The Index has now been growing below trend for the last nine months
- It continues to signal that growth in the Australian economy in the first half of 2016 will be below trend
- Today's print represents the largest negative deviation we have seen since the second half of 2011
- ... the components of the Index which reflect or are heavily influenced by international forces are weakening its growth whereas domestic sourced components particularly around the labour market and confidence are providing an offsetting boost
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This data point does not usually have much of an immediate impact on the AUD
