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 October
• profitability -1 (from +5)
• employment intentions +2 (from +3)

Cost pressure indicators:

• retail prices quarterly
  pace of +0.6%, from +1.1% in October
• input 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.