The data (in a nutshell) is glimpse into the ‘pipeline’ of work to come – its been trending lower for quite some time indeed
Comes in today at -9.1% m/m
- expected -0.3% m/m, prior -1.4% revised from -1.5%
And at -32.8% y/y
- expected -24.8% y/y, prior -13.1%, revised from -13.4%
Ugly numbers … admittedly its a volatile data set …. but the result well under already low estimates.
The lowest for a month since August 2013
The y/y results the past 3 years or so: