National Australia Bank survey, confidence (at -4) and conditions (at 20) both dropped ( 0 and 22 priors, respectively).
- confidence negative for the first time since December 2021
Some of the sub-indexes:
- sales -2 to a still very strong +28 (resilience in demand citied for this)
- capacity utilisation just off a record high at 85.2%
- profitability -1 to +20
- employment -1 to +13 (still historically high)
Inflation indicators still high:
- Labour costs up a little in the month
- both producer costs and retail prices higher
The ‘conditions’ measure is the more objective of the two, the ‘confidence’ measure is a reflection of (subjective) sentiment.
NAB remarks:
- “Overall, the survey suggests the economy powered through November with consumers still spending in the run-up to Christmas” “However, firms have become increasingly pessimistic about the future as they look ahead to a slowing global economy and a period of weaker consumption as inflation and higher rates weigh on households.”
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