“We expect that growth momentum in the economy can lift to a trend 3. 25 per cent pace in the first half of 2015, whereas the Index is clearly pointing to a below-trend performance for the economy in the first half of 2015″.
“Partly consistent with the signal from the Leading Index, we expect below-trend growth in the second half of 2014 but at a three per cent annualised pace rather than the two per cent implied by the Reserve Bank‘s forecast”.
“The index continues to indicate that we can expect growth in the Australian economy to stay below trend in the final quarter of 2014 and into the first half of 2015″.
Westpac chief economist Bill Evans noted the reading was the eighth consecutive month where the growth rate in the Index has been below trend.
Read more here: Business Spectator