Approvals for building work issued in December. Its a funny old time of the year for these, what with holidays and what have you.
That's what seasonal adjustment is supposed to capture. Al alternative is to look at the y/y, Whatever you choose…. ugly results on this data point. Having said that it is a volatile data set. And having said that, the trend is lower and has been for some time.
-8.4 % m/m
- expected 2%, prior -9.1%
-22.5 % y/y
- expected -10.9%, prior -32.8%
