Although there is no survey of expectations for this report, the October data has been improved. The National Australia Bank (NAB) business survey showed a significant increase in business confidence, reaching its highest level since early 2023.
- The business confidence index rose 7 points to +5, while business conditions remained stable at +7 index points.
The survey picked up
- a slight increase in trading conditions, which increased by 1 point to +13
- stable profit at +5 index points
- employment intentions saw a slight decline, falling 2 points to +3
Encouragingly, input cost pressures were showing signs of easing
- Labor cost growth eased to 1.4% in like-for-like quarterly terms, down from 1.9% in September
- Purchasing cost growth fell to 0.9% from 1.3%
- Product price growth also eased to 0.5% from 0.6%
Gareth Spence, Head of Australian Economics at NAB, noted in the report that the uptick in confidence, after a period of below-average readings, is an encouraging sign, particularly given the uncertain development in orders. forward.
The Reserve Bank of Australia's decision will follow later today:
Source link
