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Business

Australian business confidence in January -1 (previously 0)

Business Confidence 1

  • before 0

Commercial conditions 6

  • before 8
  • conditions are a more objective measure than the sentiment-influenced outcome of trust
  • the long term average is 7

Some of the subindexes:

  • business turnover +11 in January compared to +14 in December
  • profitability +5 vs +7 previously
  • employment also +5 vs +7 previously
  • capacity utilization 83.6% compared to 82.8% previously
  • quarterly purchasing cost growth increased slightly to 1.8%
  • growth in retail prices at +0.9% in January compared to +0.5% in December
  • growth in labor costs unchanged at +2%
  • price of finished products +1.2%.

NAB comments:

  • “Confidence remains low, as it has been for some time, consistent with continued pressures across the economy, with growth slowing sharply in the second half of 2023 and costs still rising high.”
  • “Price pressures remain solid despite the ongoing easing of activity measures”
  • “However, they generally lag activity in the economy and we expect a continued easing of price pressures across the economy into early 2024.”

The pressure for higher prices remains. The NAB expects this to decrease, but the data is not visible so far.

This article was written by Eamonn Sheridan at www.forexlive.com.

News Source : www.forexlive.com
cnbctv18-forexlive-benzinga

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
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