Australia NAB business confidence declines in 1st Quarter. | CountingPips Forex & Currency Trading Blog

April 29, 2008 - Forex Economic News

Australia NAB business confidence declines in 1st Quarter 2008.

Australian business confidence fell in the 1st quarter of 2008 according to a survey released today by the National Australia Bank(NAB). The NAB business confidence index fell by 10 points to register -4 on the confidence index which marks the lowest reading since March of 2001. The NAB business conditions index also saw a drop in the January to March quarter as the index fell by 6 points to register a +13 reading. Survey results showed that future expectations, capacity utilisation, employment, trading and profitability all fell in the quarter results. Investment expectations remained strong in the 1st quarter while retail prices kept climbing.

Alan Oster, National’s Chief Economist, commenting on the report, said, "the main message from the more comprehensive Quarterly Business Survey for the March quarter is – similar to recent Monthly Surveys – that the combination of much tighter financial conditions, falling global equity markets and the global credit crunch has produced a sharp fall in business confidence."

The National Australia Bank's monthly and quarterly survey is based on approximately 350 businesses and tracks the conditions of the non-farm business sector.

Tags: nab, business confidence, australia, aud, alan oster, national australia bank

Blog Home