Investing.com – The number of new building approvals issued in Australia jumped significantly more-than-expected in August, official data showed on Tuesday.
In a report, the Australian Bureau of Statistics said new building approvals issued jumped by a seasonally adjusted 11.4% in August, blowing past expectations for a 1.1% gain.
The previous month’s figure was revised up to a 1.8% gain from a previously reported 1.0% increase.
Year-on-year, the number of building approvals issued in Australia fell at an annualized rate of 5.5% in August, after dropping at a rate of 14.3% in July. Analysts had expected year-on-year new building approvals to fall at an annualized rate of 15.1%.
Following the release of the data, the Australian dollar was down against its U.S. counterpart, with AUD/USD shedding 0.7% to trade at 0.9594.
In a report, the Australian Bureau of Statistics said new building approvals issued jumped by a seasonally adjusted 11.4% in August, blowing past expectations for a 1.1% gain.
The previous month’s figure was revised up to a 1.8% gain from a previously reported 1.0% increase.
Year-on-year, the number of building approvals issued in Australia fell at an annualized rate of 5.5% in August, after dropping at a rate of 14.3% in July. Analysts had expected year-on-year new building approvals to fall at an annualized rate of 15.1%.
Following the release of the data, the Australian dollar was down against its U.S. counterpart, with AUD/USD shedding 0.7% to trade at 0.9594.