Lower for the index this month, but its not all bad news
The six month annualised growth rate +0.43% in November
- from +0.1% in the previous month
- its the six month annualised growth rate that indicates the likely pace of economic activity relative to trend three to nine months into the future
Westpac look at a bigger pic than the month's change and note:
This latest lift in the Index growth rate comes as a surprise but does not override the general message from the Index over most of 2018.
- Over the seven months from October last year to April this year the growth rate averaged 0.89%.
- In the seven months since April the growth rate has averaged only0.24% - a clear step down.
