Australia NAB Business Confidence rose to 1 in June, up from May’s -20, turned positive after rebounding sharply from the record lows over the past three months. Business Conditions also improved notably to -7, up from -24. Looking at some details, trading conditions rose to -7, up from -19. Profitability conditions rose from -8, up from -19. Employment conditions also rose to -11, up from -31.
Alan Oster, NAB Group Chief Economist, said: “Overall, there has been a very large and fast rebound in the business survey over the past two months, but keeping perspective over just how large the hit to both activity and confidence is very important. While the turnaround has possibly occurred faster than expected, things have certainly not fully recovered. Conditions and capacity utilisation remain very weak and will take some time to recover”.
