National Australia Bank business survey for October
- Business Confidence 4 (prior 6)
- Business Conditions 12 (prior 14, revised from 15)
A drop in conditions, though they are still above average (around 6)
Some of the sub indexes:
- Employment index 7 from 11 prior
- Profitability 12 (14 in September)
- Sales index 18 (17)
- Forward orders (dunno what other types there are TBH) 3 (prior 3)
- Exports had a bounce, 3 (from 0 in Sep)
- utilisation rate 81.8% (82.1%)
NAB comments:
- At these levels the survey still suggests ongoing employment growth at around 20k per month. At this rate we should see recent labour market gains maintained"
- Labour costs growth edged lower suggesting that despite ongoing employment growth, wages growth remains weak
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Not a bad survey, just losing some steam, as it has been doing since mid year (even a bit earlier).
Background on this:
