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Financial News: Australia NAB Business Conditions Weaken In April

Australia NAB Business Conditions Weaken In April

05/12/2020 - 02:07:00 (RTTNews)

(RTTNews) - Australia's business conditions weakened in April but confidence bounced back from March, survey results from National Australia Bank showed Tuesday.

The business conditions index fell to -34 in April from -22 in March. Overall conditions were deeply negative in all industries outside of mining.

The fall in conditions was driven by all three components of the index namely trading conditions, profitability and the employment index.

The employment conditions indicator decreased 15 points to -35. "Overall the survey suggests that the unemployment rate will rise substantially in April," Alan Oster, NAB Chief Economist, said.

However, the business confidence rose to -46 in April from -65 a month ago. However, it was twice as weak as the trough in the 1990s recession.

"We see a recovery in growth late this year, but even though it could be a solid bounce the level of output is not expected to be recovered to pre-COVID levels until early 2022," Oster added.

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