The AiG Performance of Construction Index for August is out today and shows further deterioration:
Not much surprise here given this accords with ABS and HIA data, especially since it was new orders that drove the dip in all three. I have questioned the efficacy of the engineering component of this index before but it’s now hitting new lows:
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But there is no doubt that overall index does track ABS employment statisitcs for the sector. Both peaked at the same time:
So it looks like more job losses ahead for construction:
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