When the facts change I change my mind, what do you do sir
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Australia Westpac-MI Leading Index Signals Below-Trend Growth
FACTORS: The six-month annualized deviation from the trend growth rate of the Westpac-MI Leading Index of Economic Activity indicating the likely pace of economic activity three to nine months ahead was in negative territory for the second straight month indicating below trend growth. Since October, the index has slowed from 1.21 points above trend to 0.09 point below trend with major contributors to that slowdown being the yield spread (0.5 point), the Westpac-MI Consumer Sentiment Expectations (0.37 point), dwelling approvals (0.24 point), the Westpac-MI Unemployment Expectations Index (0.22 point) and the RBA ... (full story)