Well, you could make a case for it being so if you're a 'glass half full' person, but the answer is: no, not really.
The best thing you can really say about the latest AIG monthly indices is that the rate of contraction is less than it has been.
It's the 'least worst' result in four months.
Only 13 of 27 economists surveyed by Bloomie think that interest rates will be cut in August.
It looks to me like the Reserve must cut, unless we get any dramatic news in the coming 30 days month (basically higher than expected inflation or a collapse in the currency).
Remember, it's construction that is supposed to pull us out of the quagmire - and the national construction industry is contracting!!
The RBA can't afford to get behind the curve on this - rate cuts needed.
Source: Australian Industry Group
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