National Australia Bank Business survey for October 2020

The result for business confidence is the highest since the middle of 2019. Some less sanguine results in the sub measures:

  • employment index stayed negative
  • forward orders stayed negative

On the confidence measure, continues its rebound for -34 back in April but still short of its longer run average of 6. All three sub measures rose.

  • trading and profitability positive

NAB comments:

  • economy has rebounded
  • will likely continue to recover as the economy reopens
  • improvement in confidence is encouraging but remains fragile
  • will likely remain that way until a vaccine is available

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The NAB survey was conducted in the last week of October as Victoria began to get announcements on an emergence from its harsh lockdown #2.