National Australia Bank monthly survey of business, for November 2024
Business Confidence drops to -3
- prior was +5
Business Conditions drop to +2, the lowest since the pandemic (worst since late 2020)
- prior was +7
Some of the sub indexes:
- sales come in at +5, from +13 in October
- profitability -1 (from +5)
- employment intentions +2 (from +3)
Cost pressure indicators:
- retail prices quarterly pace of +0.6%, from +1.1% in October
- input costs ticked up to +1.1%
- labour costs held at 1.4%
Comments from the report:
- "While we were optimistic last month, it appears the trend of well below-average confidence remains intact,"
- "Conditions in the goods sector remain weak,"
- "Interestingly conditions in the services sectors – recreation & personal services and finance, business & property services - continue to track at a higher rate."
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The October data was encouraging:
this report for November, not so much.
AUD/USD not a lot changed:
