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, dipped to -0.40% in October from -0.38% in September.
Says WPAC:
- Economy set to remain stuck in ‘low growth rut’ well into next year.
- Range of headwinds continues despite improvement since start of the year.
- Components show cooling labour market, unsettled financial markets and shaky confidence are now the main weak spots.
