Westpac-Melbourne Institute's Leading Index fell 0.1% to 294.5 in August, but the annualized growth rate fell sharply to 3.2% from 4.0%, which is just marginally above the long-term trend of 2.9%. TAKEAWAY: The leading index has finally indicated a more realistic growth rate for the economy, after consistently staying well above trend since early this year. It is now more in line with Westpac's own forecast for growth in 2013 and 2014. The Reserve Bank expects the economy to grow below trend for the next one year or so before picking up pace. COMMENTS: "The economy has experienced a significant loss of momentum since ... (full story)