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Financial News: Australia's Leading Index Signals Recession

Australia's Leading Index Signals Recession

07/22/2020 - 01:15:00 (RTTNews)

(RTTNews) - Australia's leading index remained in deep negative zone in June, continuing to signal recession, data from Westpac showed Wednesday.

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 -4.44 percent in June from -5.29 percent in May.

The improvement was largely driven by two sub-components namely, US industrial production and hours worked in June.

Westpac forecast the economy to grow by 3.5 percent in the second half of 2020.

Westpac noted that the first half of 2020 has seen a dramatic weakening with the Leading Index growth rate dropping nearly 4 percentage points between January and June, with the three months to April marking the sharpest decline in the 60 year history of the measure.

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