NAB Business Confidence at all time high

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Tuesday, Nov 14 2017

NAB Business Confidence at all time high

The October reading for NAB’s monthly business survey has the business conditions index rising to an all-time high of +21. That’s a jump of 7 points from September, and marks the highest ever reading since the monthly series began in 1997. The increase is particularly impressive given that business conditions were already trending strongly, with readings in recent months consistently around three times higher than the long-term average.

Gains in October were driven by a sharp rise in trading and profitability, suggesting that Australian businesses successfully achieved improved margins in October. NAB chief economist Alan Oster acknowledged the strong result, but adopted a more cautious tone toward the outlook, noting the fall in forward orders in October — seen as a key leading indicator for business sentiment.

More in this category: « USD - Major events in the week ahead UK CPI unchanged in October »

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