The Australian Industry Group (AIG) has released its Performance of Construction Index (PSI) for June, which reveals that Australia’s construction sector finished the financial year in recession, recording a reading of 46.4, down 1.4 points from May:
The national construction industry contracted at a steeper rate in June, as weaker engineering activity continued to outweigh expansion in the house and apartment building sectors.
The seasonally adjusted Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI) fell by 1.4 points to 46.4 points in June.The three-month moving average dropped to 47.1 points. The Australian PCI has been below the 50 point level that separates expansion from contraction in seven of the past eight months.
