A leading economic index for Australia gained for the third straight month in February, the latest survey from the Conference Board showed on Tuesday, gaining 0.5 percent.
That follows the 0.4 percent increase in January and the 0.5 percent gain in December.
For the six-month period ending in February, the index collected 0.6 percent compared to a 1.2 percent contraction in the six months prior. Additionally, the strengths among the leading indicators have remained more widespread than the weaknesses in recent months, the think tank said.
Five of the seven components that make up the Conference Board leading economic index for Australia increased in February.
The positive contributors to the index included rural goods exports, money supply, share prices, gross operating surplus and the yield spread.
Building approvals and the sales to inventories ratio declined in February.
The coincident index gained 0.4 percent in February, up from 0.1 percent in January and 0.3 percent in December.
For the six-month period ending in February, the index advanced 1.5 percent - accelerating from the 0.6 percent gain in the previous three months.
All four of the components for the Conference Board coincident economic index for Australia increased in February, including employed persons, household gross disposable income, retail trade and industrial production.
Taken together, the recent behavior of the composite indexes suggests that the economic expansion should continue in the near term, and the pace of growth may even pick up in the coming months, the board said.
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