National Australia Bank Business Survey for November
- Business conditions 11 (prior 13, revised from 12
- Business confidence 2 (prior 5, revised from 4)
The October results were revised higher, a point added t each … sorta makes the November falls even worse :-D
NAB's key points (bolding mine):
- Both business conditions and confidence continued their downward trend in November.
- Since around mid-2018 it appears the business sector has lost some momentum - albeit the level of activity remains reasonable.
- Declines in business confidence to below average levels also suggest businesses' outlook is for momentum to ease further. Indeed, forward orders (the most reliable indicator of domestic demand) fell in the month and are now below average for the first time since late 2016.
- While conditions across most industries remain above average, conditions in the retail industry continue to lag - with retail the only sector to report deteriorating conditions. This was indeed confirmed by the release of the Q3 national accounts which saw weaker growth in consumption & a large run-up in retail inventories.
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It is worth noting that 'conditions' is a more objective measure than 'confidence'. Don't want to gild the lily though, as NAB note
- downward trend for both … activity still reasonable … forward orders below average
Something for bulls and bears there
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Background to this at the preview:
