Due at 0130GMT from National Australia Bank, business conditions and business confidence data from their monthly survey
- Business confidence, prior was 9
- Business conditions, prior was 15
From NAB comments (focused on improvements in the retail sector) on prior surveys:
- The Retail industry in the NAB Survey has, over recent months started to show a consistent improvement in conditions, having languished in negative territory for much of the past 12months.
- We also note that while Business Conditions in Retail are showing signs of improvement, Business Confidence has actually also shown some sign of consolidating in positive territory this past half.
- The NAB Business Survey points to capacity utilisation rates of operating retailers showing some signs of lifting, looking through the shorter tern ups and downs.
For the report due today; NAB never give too much away on what to expect, but say this:
- The NAB Business Survey ... has been reporting a broader-based uplift in business sactivity, usually symptomatic of an improving domestic economy.
- The NAB Employment index has been pointing to continued rises in prospective employment, the July ABS Labour Force report not due until the week after.
ANZ also preview the release briefly:
- Business conditions in June rebounded to the highest level since the GFC, and this strength is expected to be sustained through July.
- Other business surveys support the view that the business sector is particularly healthy at present, and solid data releases through July are expected to see confidence remain elevated as well.
As do TD Securities:
- Confidence and conditions have been rather buoyant in recent months, but we need to see this 'soft data' enthusiasm translate into 'hard data' plans for growth in non-mining investment and employment.
