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Free AccessREPEAT:ANALYSIS:Australia Biz Survey Shows Weak Infla Pressure
Repeats Story Initially Transmitted at 01:30 GMT Jul 10/21:30 EST Jul 9
--NAB Says Mining In Mini-Boom But Retail Lags
By Sophia Rodrigues
SYDNEY (MNI) - The National Australia Bank's business survey for June
showed continued elevated levels of confidence and conditions but no sign yet of
a pick-up in inflationary measures.
All key inflationary measures like purchase price, final products prices,
labor costs and retail prices edged lower in June. Added to this was a drop in
employment sub-index, though the current level is still consistent with jobs
growth of around 20,000 a month. Still it may not be sufficient to push the
jobless rate gradually lower especially if there is an increase in labor
participation.
The data puts focus on consumer price index inflation for second quarter
due in around two weeks time where a soft outcome would mean the Reserve Bank of
Australia's monetary policy could remain on hold for longer.
Data published by NAB Tuesday showed business conditions rose to +15 in
June from +14 in May while confidence eased to +6 from +7. Confidence was around
average level and conditions remained above average.
The data showed conditions was the highest in mining and the weakest in
retail. NAB economists characterize the mining industry as being in a mini-boom
with highest level of capacity utilization since early 2012, rise in capex
expectations and increase in employment growth. The sector in seeing an
emergence of cost pressures mainly from the employment side as it faces
competition from construction related employment in large public and private
infrastructure projects.
On the other hand, retail remains a laggard with prices turning flat in
quarterly terms compared with +0.2% in the May survey.
Below is the table from the survey:
June May
----------------------------------------------------
Business Confidence +6 +7
Business Conditions +15 +14
Employment +5 +9
Profitability +13 +13
Trading +23 +20
Exports 0 +1
Forward Orders +2 +4
Stocks +4 +7
Retail Prices (quarterly rate %) 0.0 +0.2
Labor costs (quarterly rate %) +0.8 +1.0
Final products prices (quarterly rate %) +0.4 +0.5
Capacity Utilization (%) 82.4 82.0
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE]
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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.