An improvement was expected by WPAC on this.
Westpac on the results:
- While the index growth rate remains negative, it is now well above the lows seen in the first half of the year when the COVID shock saw it drop well below –5%.
- The Leading Index growth rate has lifted a whopping 5.11ppts since April.
- Note that the big negative shock that accompanied the COVID outbreak back in March–April will start cycling out of the six-month growth rate calculation in coming months. All else being equal, the growth rate will swing into solid positive as the extreme weakness in March–April moves into the base of the calculation.
