NAB's Quarterly Business Survey is different to the monthly,
- a different survey
- also examines additional information about how firms perceive the outlook for their industries
In brief highlights:
Business conditions (an average of trading conditions/sales, profitability and employment) continued their downward trend
- down 3pts to +1
- long-run average is +2
- Trading, profitability and employment all declined in the quarter
Business confidence
- +6 (from 0)
- possibly reflecting some post-election and rate cut optimism
Leading indicators
- suggest there is likely to be little improvement in business conditions in the period ahead
other forward-looking indicators generally weakened further
Labour indicators
- pulled back further in the quarter.
- Employment eased further, as did expectations of employment at the 3- and 12-month horizon
- While both expected and current employment remain above average, the deterioration across these measures suggests some loss of momentum in the labour market
Survey measures of inflation pressures remain weak.