NAB Quarterly Business Survey has been released earlier than usual by the bank.
confidence to +14
- prior +19
conditions +9
- prior +14
There are familiar themes in the report on supply chain disruption, higher commodity prices and the tightening labour market. Says NAB:
- “The additional detail in the survey points to the continued impact of supply chain disruptions and a tighter labour market. The constraints data do not point to any easing yet on the input side – and this is particularly evident in manufacturing and construction, but materials and labour appear to still be significant constraints in most industries.”
- “Accordingly, price pressures remain elevated. The pickup in the quarter was modest for input and output prices but these were already tracking at survey highs. The retail sector saw a larger increase in price growth – suggesting we may well see another solid CPI print for Q1 when the data is released in late April.”
