If the latest signals from the Australian construction sector are anything to go by, 2019 could turn out to be rough year for the broader Australian economy.
Activity levels plunged at the fastest rate in nearly four years last month, driven by an even steeper decline in the housing sector.
The Australian Industry Group’s (AI Group) Performance of Construction Index (PCI) slumped to 42.6 points in December in seasonally adjusted terms, down 1.9 points on the level reported in November.
So at 42.6, it indicates that not only did activity levels weaken again during the month, they did so at the fastest pace in over five years.
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