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.
Robust trading conditions, coupled with signs that labour and cost pressures may be easing, propelled the NAB Monthly Business Survey's gauge of business conditions to above their pre-Covid peak. Business conditions rose 3 points to 25 index points, driven by a 9 point rise in trading conditions to 38 index points. Business confidence eased 5 points to 5 index points, which is inline with the long-term average.
Cost growth eased in the month, with labour cost growth slowing to 3.1% in quarterly terms, down from 3.4% in August. Purchase cost growth eased to 3.8%, down from 4.4% in August. NAB estimates the most recent survey data suggests core CPI could be as high as 2% in Q3. This would mean core CPI running at a y/y rate of over 6% in the quarter.
Unlike consumer sentiment surveys published earlier, the buisiness outlook seems little impaired by the striing of rate hikes from the RBA this year.
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.