There was another strong bout of seasonal disruption in the monthly data released today, but confirmation too that key trends from last year have continued into 2015. The property sector remains a major drag on growth. But the labour market is tight, so prospects for a sustained rebound if policy were loosened dramatically are limited. With wage growth still in double digits, policymakers are likely to continue with moderate easing to limit downside risks while maintaining a focus on structural reform.
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