Australia Building Approvals Decline In May

(RTTNews) - Australia's building approvals dropped in May compared with the previous month, the latest figures from the Australia Bureau of Statistics showed Wednesday.

Total number of dwelling units approved in May fell 1.1 percent from a month earlier on a seasonally adjusted basis. This followed a 9.5 percent month-on-month growth recorded in April. Economists had predicted a 1 percent fall.

The number of private residential units approved, meanwhile, increased 2.5 percent month-on-month.

On an annual basis, overall building consents dropped 3.2 percent in May, data showed.