(RTTNews) - Australia’s leading index of economy activity contracted at an annualized rate of 3.3% in June compared to a fall of 5.3% in May, the latest report from Westpac Bank and Melbourne Institute said Wednesday. This is the slowest pace of decline in seven months, the report said.

The leading index, which is a barometer of economic activity for the coming three to nine months, rose 1.8 index points to 247.9 points in June. Westpac Bank’s Chief Bill Evans said the pace of the contraction of the index was easing considerably.

Meanwhile, the coincident index, which is a measure of current economic activity, declined at an annualized rate of 0.7% in June.

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