Economic Buzz: Australia Westpac Leading Index Declines To -1.15% In September

19 Oct 2022 , 11:03 AM

Australia Westpac leading index six-month annualized growth rate declined from -0.33% to -1.15% in September. Its now at the weakest level since the pandemic first hit in 2020, and prior to that, since early 2016. The index continued to point to a material loss in momentum to a below-trend growth pace heading into 2023. Westpac added that the signal in broadly in line with forecast that economic growth will slow from 3.4% in 2022 to 1.0% in 2023, with sharp slowdown in consumer spending. It said that slowdown is likely to intensify through 2023 as rising interest rates and a softening labor market take their toll.Powered by Commodity Insights