Business Confidence -2
prior -3.0prior 2.0Sales increased 3 points to +9, profitability rose 4 points to +4, and the employment index gained 1 point to +4.Conditions improved across most industries, except for transport and utilities, construction, and wholesale.
NAB cite:
supported by increased Christmas demand, particularly benefiting the struggling retail sectorbusiness confidence remained weak due to rising costsThe survey also noted that purchase costs increased slightly, but labour costs slowed to a quarterly pace of 1.4%, despite a strong job market. Oster suggested that the softening of wage pressures aligns with improving employment conditions.
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Between July and November 2024, the National Australia Bank (NAB) Business Survey reported fluctuations in business confidence and conditions across Australia:
Business Confidence: Experienced a notable increase, reaching +5 index points, the highest level since early 2023. This rise was observed across most industries, except for construction and retail.Business Conditions: Remained stable at +7 index points, with steady profitability and improved sales, although employment intentions saw a slight decrease.
November 2024:
Business Confidence: Fell sharply by 8 points to -3 index points, reversing the gains from October and dropping below the long-term average. The decline was broad-based, with significant decreases in the retail and wholesale sectors.Business Conditions: Softened, with notable declines across most industries. Goods production and distribution sectors, particularly manufacturing and retail, were the weakest, while services sectors remained relatively stronger. This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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