Australia NAB business confidence rose from 5 to 10 in January. However, business conditions dropped from 16 to 7. Looking at some details, trading conditions dropped from 22 to 11. Profitability condition dropped from 13 to 9. Employment condition also dropped from 10 to 3.
“Business started the year on a more optimistic note, even as conditions eased from the strength we saw in December. Importantly, employment conditions remain in positive territory – so overall businesses are still expanding their workforce,” said Alan Oster, NAB Group Chief Economist. “The decline in conditions was broad-based across industries, except for a small improvement in recreation & personal services, which continues to make small gains as restrictions ease.”
