FOREX TradingCharts.com

Financial News: Australia Business Sentiment Turns Negative In May: NAB

Australia Business Sentiment Turns Negative In May: NAB

06/11/2024 - 02:20:00 (RTTNews)

(RTTNews) - Australia business confidence turned negative in May underscoring that the economic activity continued to remain subdued into the second quarter, survey results from NAB showed on Tuesday.

The business confidence index dropped to -3 in May from +2 in April. At -6, the forward orders index remained deep in the negative zone. Capex dropped four points to +4, while capacity utilization rose slightly to 83.3 percent.

Capacity utilization remained above average indicating that the process of bringing supply and demand back into balance remains incomplete.

Cost and price growth measures re-accelerated in May. Labor cost growth advanced to 2.3 percent from 1.5 percent in April and purchase cost growth climbed to 1.9 percent from 1.3 percent.

Product prices, retail prices and recreation and personal services prices also increased at faster rates in May. The survey suggested that inflation will continue to moderate only gradually from here.

The business conditions index slipped slightly to 6 in May from 7 a month ago.

Employment rose by three points, while trading conditions and profitability dropped three points each in May.

NAB Chief Economist Alan Oster said "Overall, the message here is a mixed one for the RBA."

"There are warning signs on the outlook for growth but at the same time reasons to be very wary about the inflation outlook, and we expect the RBA to keep rates on hold for some time yet as they navigate through these contrasting risks," Oster added.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Australia Unemployment Data Due On Thursday (05 hr(s), 24 min(s), 24 sec(s) ago)
(RTTNews) - Australia will on Thursday release May figures for unemployment, highlighting a light ...Full Story»

What Makes This Economist Think Two Fed Rate Cuts Are Possible This Year? (07 hr(s), 58 min(s), 24 sec(s) ago)
(RTTNews) - The U.S. Federal Reserve left the federal funds rate target unchanged on Wednesday and ...Full Story»

Fed Leaves Interest Rates Unchanged, Forecasts Just One Rate Cut This Year (08 hr(s), 58 min(s), 24 sec(s) ago)
(RTTNews) - While announcing its widely expected decision to leave interest rates unchanged on Wed ...Full Story»

U.S. Crude Oil Inventories Unexpectedly Jump By 3.7 Million Barrels (12 hr(s), 40 min(s), 24 sec(s) ago)
(RTTNews) - Crude oil inventories in the U.S. unexpectedly saw a significant increase in the week ...Full Story»

U.S. Consumer Prices Unexpectedly Flat In May, Annual Growth Slows To 3.3% (13 hr(s), 55 min(s), 24 sec(s) ago)
(RTTNews) - With a steep drop in gasoline prices partly offsetting a continued increase in shelter ...Full Story»

Thailand Leaves Policy Rate Steady At 2.50% (14 hr(s), 0 min(s),24 sec(s) ago)
(RTTNews) - Thailand's central bank decided to keep the interest rate unchanged for the fourth ...Full Story»

India Industrial Output Growth At 3-Month Low (14 hr(s), 01 min(s), 24 sec(s) ago)
(RTTNews) - India's industrial production growth moderated to a three-month low in April but t ...Full Story»

U.S. Mortgage Applications Show Substantial Rebound (14 hr(s), 13 min(s), 24 sec(s) ago)
(RTTNews) - After reporting two consecutive weekly decreases in U.S. mortgage applications, the Mo ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Australia Unemployment Data Due On Thursday

06/12/2024 - 18:01 PM (RTTNews)
(RTTNews) - Australia will on Thursday release May figures for unemployment, highlighting a light ...Full Story>>

What Makes This Economist Think Two Fed Rate Cuts Are Possible This Year?

06/12/2024 - 15:27 PM (RTTNews)
(RTTNews) - The U.S. Federal Reserve left the federal funds rate target unchanged on Wednesday and ...Full Story>>

Fed Leaves Interest Rates Unchanged, Forecasts Just One Rate Cut This Year

06/12/2024 - 14:27 PM (RTTNews)
(RTTNews) - While announcing its widely expected decision to leave interest rates unchanged on Wed ...Full Story>>

U.S. Crude Oil Inventories Unexpectedly Jump By 3.7 Million Barrels

06/12/2024 - 10:45 AM (RTTNews)
(RTTNews) - Crude oil inventories in the U.S. unexpectedly saw a significant increase in the week ...Full Story>>

U.S. Consumer Prices Unexpectedly Flat In May, Annual Growth Slows To 3.3%

06/12/2024 - 09:30 AM (RTTNews)
(RTTNews) - With a steep drop in gasoline prices partly offsetting a continued increase in shelter ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.