AIG Industry Index fell by 0.7

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Friday, Jul 07 2017

AIG Industry Index fell by 0.7

The seasonally adjusted Australian Industry Group/ Housing Industry Association Australian Performance of Construction Index (Australian PCI®) fell by 0.7 points to 56.0 points in June. This signalled a positive but somewhat slower pace of overall industry growth (readings above 50.0 points indicate expansion with higher numbers indicating a stronger rate of expansion). Across the four sub-sectors in the Australian PCI, house building rebounded strongly in June, with the sector’s rate of growth reaching a three-month high. However, activity in the more volatile apartment building sector weakened significantly, falling back into negative territory following a solid upturn in May.

The commercial building sector remained on a firm footing in June with activity continuing to expand at a relatively solid rate amid reports of rising project starts. In contrast, activity in the engineering sector stabilised in June following two months of solid growth. Across the construction industry, activity and deliveries from suppliers both expanded at softer rates in June. The new orders sub-index lifted slightly from the solid level of the previous month to record its fastest pace of expansion in close to 111⁄2 years.

More in this category: « Fed minutes: Inflation expected to rise to 2% target in 2019 German Industrial Production rose by 1.2% »

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