Australia data – eleventh consecutive negative print for the Leading Index growth rate

The headline: Westpac Leading Index for June +0.11% m/m (prior -0.26%). More attention is paid to the Leading Index growth rate, as below:

Westpac’s summary from their report:

The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of Australian economic activity relative to trend three to nine months into the future, lifted to -0.51% in June from -1.01% in May.

Leading Index growth rate lifts from -1.01% in May to -0.51% in June.
This is the eleventh consecutive negative print for the growth rate.

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  US industrial production and dwelling approvals explained most of the improvement.
  
• Market expectations of a lower RBA cash rate also lifted the Index.
  
• Deteriorating confidence in the labour market was a drag on the Index.