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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
NAB’s measure of business confidence was stable at 1 in April but conditions eased further to 7 from 9, only slightly above the series average. Confidence has been fairly steady around 1 through 2024 but conditions have eased 3 points since December and 18 points since the September 2022 peak. The main activity components eased further with employment now below the historical average, while April price/cost components moderated compared with Q1.
- Employment fell 4.5 points to 1.9, which is still signalling positive labour demand but at a lot slower pace than it had been previously. It was the lowest reading since January 2022.
Australia NAB business employment vs employment y/y%
Source: MNI - Market News/Refinitiv
- Forward looking orders fell to -7.2 from -1.4, the lowest since the Covid-impacted August 2020. NAB says that the deterioration was due to large drops in mining, manufacturing and construction, while retail and wholesale are also negative.
- On a more positive note, capacity utilisation was unchanged and investment high.
- Labour costs moderated to 1.5% over 3-months from 1.7%, the lowest since September 2021 but still above the post-2000 average. Purchase costs eased to 1.2% from 1.5%, in line with average.
- Prices of final products rose 0.9% over 3-months up from March’s 0.7% but retail moderated 0.5pp to 0.9%. Both are below the Q1 average though signalling that the start of Q2 saw a moderation in price pressures.
- Services are facing better business conditions while retail are the “most concerning”.
- See NAB survey here.
Australia NAB business price/cost measures
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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