Australian data – Westpac’s leading index of economic growth “continues to sag” | Forexlive

The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell from -1.09% in September to -1.19% in October.

The growth rate of –1.19% is a new post-pandemic low

More from WPAC’s note:

• Signal consistent with sustained weak growth in 2023.
• Key drivers of the slowdown are: monetary policy tightening; falling commodity prices; and softness in jobs growth as capacity constraints bite.