Look closer, and the economy has been leaning on an increasingly narrow base for its growth over the past couple of quarters, driven largely by data-centre investment. Here is the quick read, and what else to watch this week.

Key Takeaways

• Growth is positive, but it is narrow. GDP rose 0.4% in the June quarter and 2.1% over the year, yet the gains are increasingly concentrated rather than broad-based.

• Data centres are doing the heavy lifting. Business investment has been propped up by data-centre spending, more than 10% higher over the year, even as mining capex fell.

• The consumer is sitting out. Household spending was positive but potentially flattered by one-offs, with underlying discretionary spending relatively flat.

• Unemployment has…