NAB confidence index for October 2021
- Australia's NAB business confidence came in at 21 versus 10 previously (revised from 13).
- The business conditions came in at 11 versus five previously
- Forward orders came in at 15 versus versus -1 last month
- Stocks -1 versus zero last month
- Exports -2 versus -2 last month
- capacity utilization rate came in at 81.5 versus 70.2
- labor costs quarterly change percentage 1.3% versus 0.7%
- purchase costs on a % change quarterly rate 2.7% versus 1.8%
- final product prices 1.1% versus 1.1%
NAB chief economist Alan Oster said:
"Conditions turned around in October, driven largely by the end of lockdown in NSW. Conditions have held up fairly well through the lockdown period, but the resilience of businesses was beginning to wear thin in September so it is pleasing to see a quick rebound in NSW with restrictions mostly lifted. Conditions improved in construction, recreation & personal services, and manufacturing, where restrictions have had a large impact. There is still scope for things to improve further in coming months, particularly in Victoria, but overall this is an encouraging result with conditions back above their long-run average."
On Business confidence, Mr. Oster said:
"Confidence began to rebound last month as reopening plans were announced, and that continued in October as businesses saw those plans begin to become a reality. Confidence is now back in positive territory across all states and in all industries, signalling that there is broad optimism about the way recovery is tracking now that vaccine targets are within reach and restrictions are lifting."
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