Westpac–Melbourne Institute Leading Index July 2015

The six month annualised deviation from trend growth rate in the Westpac–Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months in the future, decreased from 0.02% in June to –0.49% in July. As we noted last month, the change in the growth rate of the Index is indicating that the economy appears to be losing momentum through the middle of 2015. In the first four months of 2015 the average growth rate was 0.20% above trend. That was a welcome lift in momentum from the second half of 2014 when the average growth rate was 0.66% below trend. However, in the last three months the growth rate has eased back again averaging 0.17% below trend. (VIEW LINK)