Australia NAB business conditions rose from 32 to 37, setting another record high. Trading conditions rose from 41 to 47. Profitability conditions rose from 34 to 40. Employment conditions rose from 20 to 25. All three sub-components also reset last month’s highs. Business confidence dropped from 23 to 20 in May.
NAB said: “Overall, this was another very strong read for the business sector – and forward indicators point to ongoing strength in the near-term. This is a pleasing result coming after last week’s national accounts which showed that the economy has now surpassed its pre-COVID level. The economy now appears to be entering a new period of growth after a very rapid rebound”.
