Australia NAB business confidence rises to 7 in July, beats estimates
|Australia’s business confidence index arrived at +7 index points, beating the estimate of 6, according to National Australia Bank (NAB) business survey 2018. The business conditions index slipped to +12 index points in July compared to an unchanged reading of 15 index points expected.
Alan Oster, NAB Group Chief Economist noted:
“The business conditions index eased further this month, and has now fallen considerably since April. Despite falling over recent months, business conditions remain above average, suggesting favourable conditions have continued to persist through the middle of 2018”.
“The weakness in the month was driven by deterioration in both profitability and trading conditions, which was partially offset by a rise in the employment index”.
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