Westpac Leading Index +0.38% m/m

  • follows +0.16% in February (revised higher from +0.01%)

The 6 month annualised growth number from the report is +3.29%

  • A reminder - The six month annualised growth rate (indicates the likely pace of economic activity relative to trend three to nine months into the future)

Thus, at 3.29% that's pointing to strong above-trend growth this year. Interestingly the biggest contributor to the index gain came from the aggregate hours worked sub-measure which rose 2.2% on the month. All better news on the labour market is welcome indeed, especially if it helps wage growth (the jury is still out on that).