Australia businesses report strong conditions, rising costs [Financial Post (Toronto, Ontario, Canada)]
NATL AUSTRALIA BK S/ADR (NABZY)
NASDAQ:AMEX Investor Relations:
nab.com.au/about-us/shareholder-centre
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Source: Financial Post
Advertisement Tuesday’s survey from National Australia Bank (NAB) showed its index of business conditions climbed 5 points to +20 in April, the highest since June last year. Its measure of confidence fell back 6 points to +10, as surging inflation led to speculation of a rise in interest rates which was duly delivered last week. The survey’s measure of sales rose 4 points to a very high +27, while profitability jumped 10 points to +22. The employment index held firm at +10, suggesting the jobless rate will soon drop under 4% for the first time since the early 1970s. “Pleasingly, the improvement was largely driven by much stronger conditions in the recreation & personal services sector, which has lagged through the recent recovery period but is now back above their pre-COVID average level,” said NAB chief economist Alan Oster. Measures of forward orders and capacity utilization held firm, suggesting the pick-up would continue. Inflation remained a burden with purchase costs and l
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