National Australia Bank Business survey for September
- business conditions improved from August but this is their sixth consecutive below-average month
- both conditions and confidence remain below average levels (avge is 6)
NAB main points:
- broadbased trend decline since mid-2018 appears to have slowed
- profitability and trading conditions remained below average
- employment index edged up and is now above average … mirrors official data that show ongoing strong employment growth but subdued consumer spending
- retail and wholesale (the goods distribution industries) are weakest
- Manufacturing and construction are also weak
- Forward indicators remain mixed, but overall suggest that conditions are likely to continue a below-average trend
- price indicators suggest inflationary pressure is likely to remain weak
Jobs sub index highlighted below, not much but an improvement.
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Background:
