Australia NAB business confidence rose from 13 to 16 in March. Business conditions rose from 9 to 18. Looking at some details, trading conditions rose from 11 to 24. Profitability conditions rose from 5 to 13. Employment conditions rose from 8 to 12.
“A surge in business conditions headlined a really strong March survey,” said NAB Group Chief Economist Alan Oster. “Businesses reported very strong trading conditions and a sharp rise in profitability, which indicates demand is continuing to hold up as the economy rebounds from Omicron and growth gathers momentum.”
“Business confidence continued to improve in March, with little evidence of any adverse impact from events in Ukraine,” said Oster. “The outlook also strengthened in terms of forward orders which points to ongoing economic growth over coming months.”
“Overall, the results depict a very strong rebound, led by strong consumer demand.”
