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Aussie leading index plunges
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, fell to –0.36% in August, down from +0.49% in July. This is the first negative print since the start of the year and the weakest since the delta lockdown hit in 2021. The Leading Index ispointing to a material loss in momentum to a below-trend pace. We are not surprised to see signs of a slowdown heading into the December quarter: Westpac expects growth in the Australian economy to slow from a robust 1.1% in the September ... (full story)