Australian Building Approvals for October: -12.6% m/m ( expected +2.0%, prior -8.7%)

Australian Building Approvals
October data:
-12.6% m/m HUGE MISS
– expected +2.0%, prior -9.3%, revised from  -8.7%
-24.9% y/y HUGE MISS
– expected -6.2% y/y, prior -6.4%

Usual caveat, this is a volatile data set. Right, now that’s out of the way … TERRIBLE miss. And it comes after the big decline the previous month (revised to an even bigger fall). I wrote in the preview "That big dip in September is in keeping with the weakening in the trend for approvals. I expect that trend softening to continue, though m/m swings will be, as usual, volatile". Yep