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The last of the three AIG PMIs is out this morning and it is by far the best as well. The Performance of Construction Index (PCI) is still weak and contracting but less so, up 6.6 points to 44.1:
Moreover, the activity index showed housing construction almost expanded:
And the second derivative in new orders is also improving:
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Looks like we’ve got the late arriving dwelling investment turnaround finally beginning to show.
July Pci Final Report by David Smith
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.