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8 Oct 2013
Australian confidence at its highest level in 3½ years
FXstreet.com (Barcelona) - Australian confidence came at its highest level in 3½ years - +12 vs +6 prior -, with business conditions also improving - -4 vs -6 prior -, yet at a more subdued level – with employment poor.
From NAB official statement
"Business confidence was boosted again in September, with the index rising to its highest level since March 2010, to be 17 points higher than its most recent trough in July. The federal election result appears to have helped confidence further but the gains were uneven. Low borrowing rates, rising consumer sentiment and a lower dollar may have also helped – especially in recreation & personal services and retail. Also better news from China probably helped sentiment in mining. Transport & utilities sentiment however has weakened. By region sentiment rose sharply in WA, Victoria and NSW."
"¾ Business conditions were moderately up in September but, at -4 points, remained relatively low. Finance/business/ property and construction showed big gains possibly in line with the housing market. Activity remained worryingly weak in mining and manufacturing, while conditions in transport & utilities have recently turned down to very poor levels. Finance/ business/ property and recreation & personal services were the best performing sectors in the month. Some hope for better activity to come, with orders, stocks and capacity utilisation rising to fresh highs for the year. Nonetheless, employment conditions remain subdued, painting a soft outlook for the labour market."
From NAB official statement
"Business confidence was boosted again in September, with the index rising to its highest level since March 2010, to be 17 points higher than its most recent trough in July. The federal election result appears to have helped confidence further but the gains were uneven. Low borrowing rates, rising consumer sentiment and a lower dollar may have also helped – especially in recreation & personal services and retail. Also better news from China probably helped sentiment in mining. Transport & utilities sentiment however has weakened. By region sentiment rose sharply in WA, Victoria and NSW."
"¾ Business conditions were moderately up in September but, at -4 points, remained relatively low. Finance/business/ property and construction showed big gains possibly in line with the housing market. Activity remained worryingly weak in mining and manufacturing, while conditions in transport & utilities have recently turned down to very poor levels. Finance/ business/ property and recreation & personal services were the best performing sectors in the month. Some hope for better activity to come, with orders, stocks and capacity utilisation rising to fresh highs for the year. Nonetheless, employment conditions remain subdued, painting a soft outlook for the labour market."