Building approvals data
-9.7% m/m
- expected 0.0% prior -1.2% m/m
Look, the m/m data is volatile, what with 'lumpy approvals for high rise and what have you. You are much better off looking at the y/y which is not nearly so bad … oh … wait ….
-28.5% y/y
- expected -22.2% prior -25.6% y/y
Terrible data. I would add that downside surprises for this have been more regular than upside, which given the sector woes is not surprising.
The ABS have recently been paiting the stats they release in a ppositive light, Here are the pics accompanying today's resale. I can't wait for the spin on these....
