National Australia Bank Business Survey for June 2022
Business confidence comes in at 1, below average
- prior 6
- rising costs a major drag
Business conditions 13, "well above average" says NAB
- prior 15
Note that 'conditions' is a more objective measure than the sentiment-driven confidence measure.
NAB remarks (in brief)
- "Confidence sank below average in June as inflation and interest rate hikes clouded the outlook"
- "Confidence in the retail sector took a significant hit, falling more than 20pts to be well into negative territory, reflecting concerns about the outlook for household spending"
- "Overall, the survey suggests firms are increasingly wary of how the economy will hold up over the months ahead, despite continuing to experience fairly strong conditions at present"
