Australia – NAB business confidence September 5 (vs. previous was 7)

National Australia Bank business confidence for September 5

• prior was 7 (revised from 8)

National Australia Bank business conditions for September 1

• prior was 3 (revised from 4)

From the NAB report:

• Conditions lowest in four months
• Measure of employment fell to -4 from -1
• Construction confidence the highest at +15 and mining the lowest -14
• While the trend in business conditions still looked reasonable, it will slow significantly if things don’t improve soon
• NAB r3evise down their forecast for Australian GDP growth … For 2014-15 to 2.8% (from 2.9%) and 2015-16 to 3.2% (from 3.4%)

Alan Oster, chief economist at NAB:

• “The effects of soft national income growth – a function of lower commodity prices, excess capacity and cautious spending behaviour – are being felt across the economy”
• This has been reflected in most industries”

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If that’s all TL/DR …. the survey results this month do not look good. Aussie economy slowing.

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(ps. earlier today i saw a report from the NBA calling the AUD to 0.8500. This result today would be a factor in that call.)