Australia NAB Business Confidence improved to -4 in September, up from -8. Business Conditions also rose to 0, up from -6. Trading conditions turned positive, from -2 to 6. Profitability condition also turned positive, from -3 to 2. Employment condition rose from -14 to -6, but stayed negative.
Alan Oster, NAB Group Chief Economist “after some volatility in the last 2 months conditions are around the level seen pre-COVID. That said, they only lie at the threshold of improving/deteriorating and are well below average. Trading conditions and profitability are back in positive territory, which likely reflects the ongoing opening of the economy and the support provided by policy makers. Employment continues to lag, however, likely reflecting the fact activity has not yet fully recovered and firms remain cautious. Confidence increased in the month, building on the gains of last month, and is now well above the trough in March. That said, it remains negative and likely fragile.”
