Australia January business conditions 7 (prior 2) & business confidence 4 (prior 3)
National Australia Bank Business survey for January 2019
business conditions 7
- prior 3, revised from 2
business confidence 4
- prior 3
Meanwhile, more from NAB … have now changed their their call on the RBA to on hold (were previously looking at hikes).
NAB's summary, in brief (bolding mine):
- - a moderate rebound in January after falling sharply in December.
- Some improvement was likely given the difficulty in addressing seasonality around the Christmas/New year period but even after this partial reversal, conditions and forward orders continue to trend lower and still show a sizeable decline over the past 6 months.
- There was no improvement in retail conditions.
Confidence edged up but remains below average.
- a significant fall in capacity utilisation to levels only just above average. This may have implications for both future employment and capex plans.
On the basis of this Survey and our forecasts NAB now expects the cash rate to remain unchanged for an extended period with downside risks