Australia NAB Business Conditions dropped to 4 in February, down from 7 and missed expectation of 5. Business Confidence dropped to 2, down from 4 and missed expectation of 3. Alan Oster, NAB Group Chief Economist said “conditions declined in February to below average levels – with profitability and trading now below average.” Employment index “remained resilient” but that is “likely reflecting that labour demand decisions typically lag economic activity.”
Forward looking indicates point to an “ongoing weakness in business conditions” And, “this may have important implications for both future investment and employment decisions of business.” The survey suggests “little improvement” in Q1 and “some further growing risks to our outlook for business investment in 2019”
Also from Australia, home loans dropped -2.6% mom in January, worse than expectation of -2.0%.
