Australian data - Westpac's leading index of economic growth "continues to sag"<p>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 from -1.09% in September to -1.19% in October.</p><p>The growth rate of -1.19% is a new post-pandemic low</p><p>More from WPAC's note:</p><ul><li>Signal consistent with sustained weak growth in 2023.</li><li>Key drivers of the slowdown are: monetary policy tightening; falling commodity prices; and softness in jobs growth as capacity constraints bite.</li></ul>
This article was written by Eamonn Sheridan at forexlive.com.
Source: Australian data - Westpac's leading index of economic growth "continues to sag" (https://forexlive.com/news/australian-data-westpacs-leading-index-of-economic-growth-continues-to-sag-20221115/https://forexlive.com/news/australian-data-westpacs-leading-index-of-economic-growth-continues-to-sag-20221115/)
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