2024-03-12 02:39:33 ET
-
Australia's NAB business confidence index edged down to 0 in February 2024 from 1 in January, below the long-run average, with the retail sector being a major drag amid high borrowing costs and elevated inflation.
-
"These results are a good reminder that the progress on inflation to date has been driven by an improvement in global supply and from here, the improvement is unlikely to be linear," said NAB's chief economist Alan Oster.
-
“The improvement was led by trading conditions and profitability and unwinds some of the easing we’ve seen in conditions since late 2023 – but it is really too early to say if this is just a temporary lift or the beginning of a more meaningful turnaround,” he added.
-
Currency: ( USD:AUD )
-
More on Australia
-
Australia’s trade surplus increased in January as exports surge faster than imports
-
Australia's Judo Bank Services PMI improves to 53.1 in February
Read the full article on Seeking Alpha
For further details see:
Australian business sentiment subdued in February