National Australia Bank Business Survey for September 2023
- business confidence unchanged at +1, its third month in a row at this level
- business conditions +11, from +14 in August
Highlights of the report:
- labour costs +2.0% in the past three months, from the previous reading of 3.2%
- purchasing costs also +1.8% from to 2.9%
- capacity utilisation remains high at 84.2%
- forward orders +2 in September from a zero reading in August
NAB comments:
- The September survey results suggest the momentum of some of the key cost pressures driving inflation may have started to step back in a welcome sign for the broader inflation outlook
- The conditions index has been hovering around its current level of +11 index points since May, suggesting the economy has remained in reasonable shape through the middle of the year
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Business conditions - these tend to a more objective measure than the sentiment measyr of confidence:
