The total number of building approvals issued in Australia in September advanced a seasonally adjusted 2.2 percent on month, the Australian Bureau of Statistics said on Monday – coming in at 18,900.
That exceeded expectations for an increase of 1.0 percent following the downwardly revised 9.5 percent contraction in August (originally -6.9 percent).
On a yearly basis, building approvals climbed 21.4 percent – shy of forecasts for 24.1 percent but up sharply from 5.1 percent in the previous month.
The seasonally adjusted estimate for private sector houses fell 1.9 percent in September to 9,536 following a rise of 4.1 percent in August. They were up 1.5 percent on year.
Private sector dwelling approvals excluding houses rose 6.1 percent in September following a fall of 15.6 percent in the previous month. They surged 53.5 percent on year.
The seasonally adjusted estimate of the value of total building approved fell 2.1 percent in September and has fallen for two straight months.
The value of residential building fell 4.3 percent and has fallen for two months. The value of non-residential building rose 2.9 percent following a fall of 9.5 percent in the previous month.
Also on Monday:
. The manufacturing sector in Australia continued to expand in October, the latest survey from the Australian Industry Group said with a manufacturing PMI score of 50.2.
That’s down sharply from 52.1 in September, although it remains barely above the boom-or-bust line that separates expansion from contraction.
In all, the index has been in expansion territory for four straight months.
“This month’s result is only very mildly positive, suggesting stability rather than meaningful growth across Australia’s manufacturing sectors,” Ai Group chief executive Innes Willox said.
. Consumer prices in Australia are expected to remain unchanged on month in October, the latest forecast from TD Securities and the Melbourne Institute revealed.
That follows the forecast for a 0.3 percent increase in September.
On a yearly basis, prices are expected to rise 1.8 percent, slowing marginally from 1.9 percent in the previous month – remaining beneath the Reserve Bank of Australia’s target range of 2 to 3 percent.
The material has been provided by InstaForex Company – www.instaforex.com