Australia July Business Confidence 4 (vs. prior 2) & Business Conditions 2 (prior 3)

Author: Eamonn Sheridan | Category: News

Results for the National Australia Bank Business Survey for July

The twin headlines are confidence and conditions. 
Business Confidence 4
  • vs. prior 2
Business Conditions 2
  • vs. prior 4, revised from 3
Major components, check out the employment sub index …. gugh

NAB key points, in brief
  • Broadly unchanged from last month
  • the business sector has lost significant momentum since early 2018 and that forward looking indicators do not point to an improvement in the near term
  • conditions … confidence … Both remain clearly below their respective long-run averages
  • Forward orders are well below average (and negative)
  • capacity utilisation is now back around average - pointing to little improvement in the short-term
  • employment index and capex also weakening over the past year
  • Weakness in the retail industry continues to stand out, with conditions in that industry at recessionary levels - and declining further in the month. A worrying result, given we expected some boost to the industry following the post-election tax cuts. 
  • the lift in confidence following the election appears to have faded with little impact on actual conditions

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