As growth slowed in 2008–09, this indicator also moved downwards. It actually went into negative territory for a few months, before turning marginally positive in December 2009.
While this turnaround was clearly not indicative of any rapid build-up of demand pressures, the fact that it had happened was a signal that the business cycle had bottomed out and growth was on its way back up. However, after that rather sedate start, this indicator began to accelerate rather rapidly in the early months of 2010.