Australia, NAB business confidence 4 (prior 10), conditions 6 (prior 11)

Australia, NAB business confidence and conditions

National Australia Bank business confidence for July, 4

• prior was 10

National Australia Bank business conditions for July, 6

• prior was 11

From NAB:

• Mining industry down 18 and 29 points respectively
• Transport and utilities had a 23-point fall
• Construction sector 3-point fall in conditions, 12-point fall in confidence
• Say that today pares the "the exuberant readings on business confidence seen in recent months"
• "While confidence eased in most industries, much of the change stemmed from mining and construction firms (which includes a large share of non-residential and engineering firms), suggesting an escalation in Chinese growth concerns could be putting firms on alert"
• "Looking through the month-to-month volatility, however, both conditions and confidence are suggesting a turnaround in the non-mining economy"
• "Conditions vary greatly across industries, but the service sectors continue to outperform"
• NAB cuts its unemployment forecast and is now expecting Australia's jobless rate to peak at 6.25%

more to come