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(CEP News) - Westpac's leading index turned negative in August, down to -0.1% month-over-month from July's downwardly revised 0.1% increase.
Leading the fall was the U.S. industrial output index, coming in at -0.3 from 0.2, and dwelling approvals, coming in at -0.4 from -0.3. The coincident index rose 0.4% against the previous month's 0.2% rise. The boost came from a rise in the unemployment rate index, up to 0.1 from -0.2 and the household income index, up to 0.6 from 0.5. The report read, "The concern with the current situation is the unprecedented interaction between weak demand and constrained supply of credit. Initiatives from governments to rebuild the capital bases of their banks will alleviate some concerns about the availability of credit but will do little to stimulate demand." Yesterday, Australian Prime Minister Kevin Rudd announced a A$10.4 billion boost to the economy in the form of subsidies to pensioners, families and new home buyers. By Megan Ainscow,
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