Downer warns as engineering bust spreads

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We’ve been warning that Recessionberg is lying about infrastructure (as well as a lot of other stuff). This is plain in the construction PMI which has recorded a huge engineering bust:

Now the truth is hitting profits. From Downer just now:

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Expect more from others exposed to the east coast.

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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.