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Financial News: Australia NAB Business Confidence Improves Slightly In Jan

Australia NAB Business Confidence Improves Slightly In January

02/11/2020 - 02:14:00 (RTTNews)

(RTTNews) - Australia's business confidence increased slightly in January after declining in the previous two months, despite some state and industry evidence of bushfire impact, survey data from the National Australia Bank showed on Tuesday.

The business confidence index edged up to -1 in January from -2 in December, which was the weakest reading since mid-2013.

The business conditions index was unchanged at 3, extending the below-average run since April.

The forward orders indicator held steady at -1 points in January, similarly the business conditions index was unchanged at +3 points.

The employment index fell to +1 points, while trading conditions edged down one point to +5. The measure for profitability gained up one point to +4 points.

The survey showed that among the goods related industries, the manufacturing and wholesale were the weakest sector, while the services sector remained the strongest in January.

Confidence in the mining sector weakened sharply, while morale in the construction sector remained confident.

NAB said that the inflation pressure in the economy is modest in the beginning of the year. The input cost pressure and products price inflation rose slightly, while labor costs growth remained flat.

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