National Australia Bank Business Survey for August 2023
Australian business conditions showed a broad uptick in sales, profits and jobs
- employment sub index +3 to +9
- sales index +1 to +18
- profitability +2 to +13
- forward orders, an indicator for the demand outlook +1 to zero
NAB comments:
- "There was a notable rise in the employment index which is well above the long-run average, suggesting labour demand has remained strong into the second half of the year,"
- "Price growth also remains elevated which reflects the considerable cost pressures businesses are facing, as well as the ongoing resilience of demand... We expect inflation to remain elevated in Q3."
Labour costs +3.2% in the past three months
- prior reading was +3.7%
Purchasing costs + 2.9%
- from 2.8%
