Concern grows as construction tumbles
Construction activity took a tumble in November, sparking further concerns about the health of the economy.
The construction industry contracted for the first time since May, according to figures from the Australian Industry Group and Housing Industry Association on Friday.
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The Performance of Construction Index dropped eight points to 45.4 in November – below the 50 level that separates expansion from contraction.
A slowdown in public building activity and demand for housing were also weighing on the industry, with the reduced workload forcing job losses, the report said.
The disappointing report comes after official figures on Wednesday showed a shock slowdown in the Australian economy in the September quarter, sparking debate about whether the cash rate should be slashed to a new record low.
