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Australian PCI: Construction sector contracting for three straight years
May marked the third consecutive year of decline for the national construction industry. The latest Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) remained broadly unchanged in May at 35.3 (readings below 50 indicate a contraction in the industry with the distance from 50 indicative of the strength of the decline). The house building sector weakened for a third consecutive month, with activity recording the sharpest rate of contraction in eight months. In contrast, commercial construction activity declined at a slower pace while rates of ... (full story)