NAB business confidence for November: 5 (vs.prior of 6)

NAB business confidence for November, prior was 6, revised higher from the prior 5

Source

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NAB business conditions for November: -3

• prior was -4

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Survey conclusions in brief:

• Business conditions and confidence broadly unchanged
• While still weak, business conditions appear to be trending higher.
• Trading conditions up – especially mining and manufacturing
• Capacity utilisation off its recent lows
• The employment index fell considerably – implying further deterioration in unemployment
• Forward indicators generally remain soft (but capex improved)
• Price inflation still moderate but margins under pressure from costs

NAB still expect rate cut in mid 2014, saying “Unemployment key to how many cut(s) required”