Australia NAB Business Confidence dropped to 0 in November, down from 2. Business Conditions was unchanged at 4. Looking at some details, Trading Conditions dropped from 7 to 6. Profitability Conditions rose from 0 to 3. Employment Conditions was unchanged at 4.

NAB said business conditions “appear to have stabilised at low levels, after declining significantly between mid-2018 and 2019”. But “the divergence between the goods related industries (the weakest) and the services sector (the strongest) widened.” The business survey is consistent with “ongoing weakness in GDP growth” with little improvement in Q4, risking slower employment growth.

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