Australia business conditions ease a little, still strong
[SYDNEY] Australian business conditions showed a slight easing in December but stayed strong for a fifth straight month with sales, profits and employment remaining in positive territory, a survey reported on Monday.
National Australia Bank's monthly survey of more than 500 firms showed its index of business conditions slipped 3 points to +7 in December, but that was still above average.
Capacity utilisation, a measure of the underlying health of the economy, fell to 80 per cent from 80.8 per cent, NAB noted.
Business confidence also eased back to +3 from +5 in November, holding in positive territory despite growing worries about global growth and large declines in oil prices.
"Positive business conditions in most industries suggest a relatively broad-based recovery in the non-mining sector is underway with services leading the way, although the deterioration in construction will be monitored closely," said NAB's chief economist Alan Oster.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Philippines central bank not seeing rate hike despite peso weakness: finmin
Middle East tensions threaten global progress on inflation: World Bank
Heatstroke kills 30 in Thailand this year as South-east Asia bakes
Thailand to appoint former energy executive Pichai as finance minister, sources say
Consumer gulf widens as demand for premium and budget foods grows
‘To the Future’: Saudi Arabia spends big to become an AI superpower