The Conference Board's leading indicator for the Australian economy remained unchanged in July following two consecutive increases. The index pointed to moderate growth in economic activity in the near-term.
The leading economic index remained unchanged at 124.9 in July. This followed a revised 0.5 percent increase in June as well as in May. In July, the gains in stock prices and money supply were offset by negative contributions from rural goods exports, the yield spread and building approvals.
The coincident index, a measure of current economic activity, increased 0.1 percent in July. Among the components, real GDP increased 2.6 percent at an annual rate in the second quarter, down from 5.6 percent in the first quarter.
According to the Conference Board, the recent behavior in the composite indexes suggests that economic activity will continue to grow at a moderate pace in the near-term.
A recent report from Westpac and the Melbourne Institute indicated that the pace of growth in the economy is unlikely to exceed trend over the next months. The Westpac-MI leading index, which indicates the likely pace of economic activity three to nine months into the future, was 2.2 percent in July, below its long term trend of 2.7 percent.
According to official data, the economy expanded 0.6 percent on quarter in the second quarter following 1.4 percent expansion in the first quarter.
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