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AUSTRALIA: The latest NAB business survey notes "despite the slowing in
activity, and a pull-back in expansion plans, the employment index remains
around average. At one end of the scale, mining continues to stand out, seeing
the most favourable conditions and confidence, as well as elevated employment
and capex. Retail on the other hand, remains weak despite a sharp improvement in
the month, with conditions deeply negative. Construction and manufacturing are
also weak, likely reflecting developments in the residential construction sector
as well as weak domestic demand and globally weak confidence. The survey still
suggests weak price pressures, which against a backdrop of slowing activity may
well weaken further... Growth in labour costs rose slightly and has drifted up
from the low levels seen in early 2019."
- This came as the employment index ticked up by 2 points.