Commentary Directory
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- A Strong March Leads to a Surge in Chinese GDP in Q1 2023
- Durable Goods Retail Sales Suffer from High Interest Rates and Wary Consumers
- Choppy GDP Means UK Should Avoid Q1 Recession
- Japanese Consumer Confidence Jumps to Highest Level in Over a Year
- The End of Summer Sees the End of Disinflation in Europe
- Labor Market Indicators are Starting to Unify on Easing in Hiring
- Inflation and Tight Financial Conditions Weigh on the German Consumer
- Euro Area Money Supply Contracts for the First Time Since 2010
- Dismal Economic Data Out of Germany
- Core Durable Goods New Orders See Gentle Uptrend in July
- More UK Data Pointing to Q3 Decline
- Whispers of a UK Contraction in Q3
- Japan's Core Inflation Resumes Uptrend in July
- Early July Economic Data Leads to a Sharp Increase in Q3 Growth Expectations
- UK CPI: Energy Inflation Crashes but Services Inflation is Still Sticky
- China's Weak Start to Q3 Means More PBoC Easing
- A Breather for the Eurozone as Inflation Hits Two-Year Low
- Germany's September CPI Report: A Clearer Picture of Inflation Trends
- US Manufacturing Demonstrates Resilience Amidst Volatility in August
- The ECB Prepares to Address Excess Liquidity Through the MRR
- Bank of Japan is Too Optimistic on Inflation
- The Bank of England Pauses in a Near Split Decision
- UK Inflation August Update: A Precursor to the Bank of England's Announcement
- Housing Starts Tumble in August Amid Rising Mortgage Rates
- US Retail Sales Grow at Fastest Monthly Rate Since the Start of the Year
- US Consumer Prices Surge in August Driven by Energy Costs
- August NFIB Survey Showed a Tough Environment for Small Businesses
- All Signs Point to a Weaker Labor Market in August
- Chinese CPI Trying to Buck the Deflation Trend
- Energy Prices Rise but the Core Disinflationary Trend is Maintained in September
- PPI's Quiet Rise and the Energy Elephant in the Room
- Small Businesses Grapple with Inflation and Financial Strain in September
- A Wacky September Jobs Report Shows Strong Labor Market
- A Look at the Fragile US Labor Market Ahead of the Nonfarm Payrolls Report
- Thoughts on GME and This Week in the Stock Market
- Record Home Price Levels Point to Strength in Post-Pandemic Economy
- The Stock Market Looks Overvalued, but It's Probably Not
- China GDP Growth Surpasses Expectations
- President-elect Joe Biden Introduces His "American Rescue Plan"
- Political Polarization Intensifies with Another Impeachment Along Party Lines
- Metal Demand Has a Bright Future in 2021 and Beyond
- What Happened to That US-China Trade Dispute?
- Civil Unrest, A Rising Threat to the 2021 Economy
- What's in the $900 Billion Relief Plan?
Australia NAB Business: September 2023
Jacob Hess
October 09, 2023
- EconoBrief
- Australia
Australia NAB Business Survey
10/9/2023 (September 2023)
11 (-3 pts)
In-line
Highlights
| Business Confidence Index | 1 (0 pts) |
| Employment Index | 8 (-2 pts) |
| Final Products Prices | 1.0% QoQ (prev 1.7% QoQ) |
The NAB Business Survey indicates a slight dip in activity for September but overall conditions remain above average. Capacity utilization is high and forward orders are gradually improving, although still low for retail. Business confidence is stable and less pessimistic than before. On the inflation front, there are signs of easing; labor cost growth has halved and purchase cost growth has also declined, although both remain high. Despite this, Q3 CPI is expected to show strong inflation, driven by energy, rents, and services. However, the easing of some cost pressures in September offers a glimmer of hope for future inflation trends.
Australian business confidence remained broadly stable in September as they also reported a slight decline in current conditions. All of the subindexes eased including a slight drop the employment index, down -2 pts to 8. New orders, inventories, and exports are all basically frozen. As a result, inflation is easing according to the survey’s questions on labor and input costs. All signs point to a slowdown in business capacity growth in Australia. Bad news for the economy, but good news for the Reserve Bank of Australia which is considering whether to maintain its pause in Q4.
© MTS Insights 2023