December Australian PCI® data pointed to a moderation in the pace of activity growth across the industry. Demand conditions were also more subdued with the new orders sub-indeks drifting into mild negative territory (i.e. below 50 points) following eight months of growth. December’s decline in aggregate industry demand led to a slower rate of increase in deliveries from suppliers. However, employment growth continued to hold at a relatively firm rate consistent with a solid backlog of work and scheduled project starts in 2018.
Australian construction index eases to 52.8
The seasonally adjusted Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) registered 52.8 points in December (readings above 50 points indicate expansion). This was down by 4.7 points from Novemberindicating a slowing in the industry’s overall growth momentum in the final month of 2017. However, it marked the 11th consecutive month of expanding conditions for the AustralianPCI®.
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