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Australian November business confidence -3 vs. prior 5

National Australia Bank monthly survey of business, for November 2024

Business Confidence drops to -3

prior was +5

Business Conditions drop to +2, the lowest since the pandemic (worst since late 2020)

prior was +7

Some of the sub indexes:

sales come in at +5, from +13 in Octoberprofitability -1 (from +5)employment intentions +2 (from +3)

Cost pressure indicators:

retail prices quarterly
pace of +0.6%, from +1.1% in Octoberinput costs ticked up to +1.1%labour costs
held at 1.4%

Comments from the report:

“While we were optimistic last month, it appears the trend
of well below-average confidence remains intact,”
“Conditions in the goods sector remain weak,”
“Interestingly conditions in the services sectors – recreation &
personal services and finance, business & property services –
continue to track at a higher rate.”

The October data was encouraging:

Australian November business confidence and conditions coming up at the bottom of the hour

this report for November, not so much.

AUD/USD not a lot changed:

This article was written by Eamonn Sheridan at www.forexlive.com.

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