Australia NAB business confidence rose from 12 to 16 in February. That’s the highest level since early 2010, as all states and industries reported gains, except for retail. Business conditions rose from 9 to 15, also a multi-year high. Looking at some details, trading conditions rose from 13 to 21. Profitability conditions rose from 13 to 17. Employment conditions rose from 3 to 8.
“Businesses are the most optimistic they’ve been since 2010. This says the economy recovery has very strong momentum and even though government support is tapering, businesses are increasingly confident the economy will continue to improve,” said Alan Oster, NAB Group Chief Economist.
“Business conditions have rebounded to the very strong levels we saw in December and, importantly, employment conditions remain strong. Businesses are again expanding their workforce, which is key for supporting the labour market recovery.”
