National Australia Bank Business Survey for August
NAB business confidence, 4
- prior was 7
NAB business conditions, 15
- prior was 13, revised up a point from 12
- the longer term average of this is 6, so well above trend
A fall in confidence but a rise in conditions.
The 'conditions' measure is more objective, confidence is a more subjective measure.
Given the political ructions (rolling of the PM) a wobble in confidence is not a surprise
Some of the sub measures of conditions:
- profitability +6 points to +16
- sales +1 to +19, very strong indeed
- employment unchanged at +10
NAB comments:
"In combination with a rebound in business conditions this month, this suggests that the business sector has continued to perform strongly as we enter the second half of 2018"
employment index continues to suggest growth in employment of around 23,000 per month over the next 6 months … should be enough to see the unemployment rate decline further over the rest of 2018"
For background:
