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10 Sep 2013
NAB Business Confidence at highest level since May 2011
FXstreet.com (Barcelona) - National Australia Bank's Business Confidence came significantly upbeat in August, with the index rising to its highest level since May 2011, at 6 vs -3 in July.
Business conditions, meanwhile, stood at -6 vs -7 in August but fundamentally were “unchanged at soggy levels”, NAB said.
NAB sums it up, saying: "Confidence rises everywhere and surges in mining, construction and finance/ business/ property. This appears to reflect expectations of political change & more certainty about future political frameworks."
Against that, NAB notes the poor business conditions and capacity utilisation: "Retail conditions approaching GFC lows. Labour market down markedly & forward indicators still weak, with business struggling to pass on higher import costs from a lower AUD. Global & local economic and financial forecasts broadly unchanged."
Business conditions, meanwhile, stood at -6 vs -7 in August but fundamentally were “unchanged at soggy levels”, NAB said.
NAB sums it up, saying: "Confidence rises everywhere and surges in mining, construction and finance/ business/ property. This appears to reflect expectations of political change & more certainty about future political frameworks."
Against that, NAB notes the poor business conditions and capacity utilisation: "Retail conditions approaching GFC lows. Labour market down markedly & forward indicators still weak, with business struggling to pass on higher import costs from a lower AUD. Global & local economic and financial forecasts broadly unchanged."