National Australia Bank Business Survey for June
Business Confidence drops to 2
- prior 7
Business Conditions crawls off the canvas to just 3
- prior 1
Those two above are the 'headlines'. Attention to the 'employment' sub index, comes in at 5
- from 2 in May and -2 in April
- so, that's improving
The reason its a focus is because the RBA is telling us they are watching labour market developments.
Major points noted by NAB (in summary):
- survey results for June continue to suggest that the business sector has lost significant momentum over the past year or so
- business conditions remain below average
- recent run of results also suggest that the economy is unlikely to record a significant pickup in growth in Q2
- forward orders also remain below average (and are negative), suggesting a near-term turn around in business activity is unlikely
- Survey measures of inflationary pressure remain very weak
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AUD dropping away a few points