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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
The April NAB business survey remained robust but showed that conditions are easing. Business conditions fell 2 points to 14.2, still above the 6.4 historical average, while the more volatile confidence rose 1.3 points to 0.3, but still below average. The survey showed that while capacity constraints continue, firms pricing power is falling. The NAB data are signalling that the economy is slowing but that the external side should continue providing support to growth.
- The components showed a pickup in purchase costs to 2.3% from 1.9% with labour costs steady at 1.9%; however final product prices fell to 1.1%, the lowest in 2 years, and retail prices to 1.4% from 1.7%. This indicates that profit margins are being squeezed and consistent with the profitability component declining to 11.3 from 13.
- Employment was steady at 10.5 well above the 2.5 average and signalling that there has only been a mild moderation in labour demand from 2022 and that job growth should remain solid going forward. Capacity utilisation was unchanged at 85.1%.
- Forward orders declined to 1.2 from 3.4, the lowest since September 2021 and around the long-term average. But exports and exporters sales both picked up and are above their averages.
Australia NAB final product prices vs CPI y/y%
Source: MNI - Market News/Refinitiv
Australia NAB employment vs employment y/y%
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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