Australia - Westpac leading indicator for March: 0.38% m/m (prior +0.01%)

Author: Eamonn Sheridan | Category: News

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). 

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