National Australia Bank monthly survey of business, for August 2024
Business Confidence -4, lowest for the year so far
Business Conditions +3
- prior +6
- conditions to the lowest in 2-1/2 years
- employment index came in at +1, sharply down from +7 in July
Inflation indicators:
- growth in labour costs quarterly rate of +1.7% (from July’s +2.4%)
- purchase costs +1.6% in the quarter (from July’s +1.3%)
- retail prices +1.2% for the three months ending August (+1.0% in July)
National Australia Bank (NAB) comments:
- “suggests the period of very strong private sector
labour demand seen throughout the post-COVID period may be
coming to an end” - “Conditions are now fairly clearly below average compared to
the history of the survey which reflects the weakness seen in
the private sector broadly as the economy has slowed.”
—
A very poor survey. The Reserve Bank of Australia is holding its cash rate at the highest in 12 years, which is not helping.