Australia NAB business conditions rose from 17 to 25 in March, hitting a record high. The rise was driven by strong increases in all sub-components. Looking at some details, trading condition rose from 23 to 35. Profitability condition rose from 18 to 26. Employment condition rose from 9 to 16. Forward orders rose from 10 to 17. Business confidence dropped to from 18 to 15, but remains well above its long-run average.
NAB said, “This is a very solid survey result. Businesses are telling us activity continues to increase at a very healthy rate as we have move past the rebound phase in activity with the earlier removal of pandemic-related restrictions. Overall, the recovery over the last year has been much more rapid than anyone could have forecast.”
