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Leading Index continues to signal below-trend growth
The economy continues to move through an extended period of weakness. Despite another slight improvement this month, the Leading Index growth rate continues to track in negative territory, the measure having now been below zero for just over a year. Negative prints for the Index indicate the economy is likely to grow at a below-trend pace. This string of negative prints began in August last year accurately foreshadowed the sudden slowdown in the economy in 2023. Over the March and June quarters the economy has expanded at a 1.6% annualised pace – well below trend growth, which is closer to 3%yr. Westpac expects ... (full story)