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The Australian Conference Board announced its leading index decreased by 0.5% for the month of June, down from May's 0.1% decline.
This is the fifth decrease in the leading index since the beginning of the year. For the second month straight the coincident index was unchanged for the month of June, in line with May's decrease of 0.1%. The report by the conference board stated that "all in all, the current behavior of the composite indexes suggests that economic growth should slow further in the near term." The seven components used to calculate the leading index are as follows: Yield Spread, 10 year minus policy rate; share prices, all ordinaries; money supply, M3; rural goods exports; rural goods exports; sales to inventory ratio; gross operating surplus, private non-financial corporations; and building approvals. The coincident index factors in four components, including retail trade, industrial production, employed persons and household disposable income. By Megan Ainscow,
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