Australia NAB business confidence jumped from 17 to 26 in April, a new survey high. Business conditions rose from 24 to 32, also a record high. The condition sub-component were also at record high. Trading condition rose from 35 to 40. Profitability rose from 25 to 33. Employment condition also rose from 15 to 22.
NAB said: “The April survey result is simply stunning – with many variables reaching survey highs. Conditions reset last month’s high, driven by further gains across trading conditions, profitability and employment. Confidence has also set a new high – pointing to ongoing strength in conditions in the near term.
“It looks like we have moved past the rebound phase of the recovery and are now seeing healthy growth in most of the economy. After lagging in the rebound phase, the services sectors are now showing strength. Retail continues to see healthy conditions but does have slightly softer confidence than the other industries suggesting less improvement from the already high level in conditions”.
