07.08.201901:40:00UTC+00Australia Construction Sector Contracts Most In 6 Years

Australia construction sector contracted at the steepest rate in six years in July, latest survey from the Australian Industry Group showed on Wednesday.

The Performance of Construction Index dropped to 39.1 in July from 43.0 in June. Any reading below 50 indicates contraction in the sector.

New orders and employment level declined further in July. The activity sub-index was negative for the tenth straight month, though remaining broadly unchanged from June.

Engineering construction remained broadly stable in July, while house building and commercial sectors declined at a slower rate. Apartment building fell for the sixteen months.