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Financial News: Australia Leading Index Logs Record Growth In November

Australia Leading Index Logs Record Growth In November

12/16/2020 - 00:43:00 (RTTNews)

(RTTNews) - Australia's leading index registered its strongest growth in the survey history in November signaling above trend growth, data from Westpac showed on Wednesday.

The six-month annualized 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, rose to 4.38 percent in November from 3.77 percent in October.

The leading index growth rate has climbed an extraordinary 8.79 percentage points since June.

The Reserve Bank Board next meets on February 2. Bill Evans, chief economist at Westpac expects the central bank to introduce a second A$100 billion program following the expiry of the first one in late April/ early May.

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