Building approvals come off lows

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August building approval are out and managed to retrace some of the awful falls of July (which were revised down from 17.3% to 21.2%) up 6.4%, beating consensus of 4.7%. Year on year, they are down 15.4%:

Here are the internals:

Not much joy here. Aussie dollar fell 30 pips on this and retail, below 1.02.

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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.