Business indicators to drag on GDP

From the ABS comes Business Indicators for the June quarter:

Real sales volumes fell in seasonally adjusted terms for both manufacturing and wholesale trade, which will drag on real GDP growth.

Inventories were also flat over the June quarter in seasonally adjusted terms, below expectations of a 0.2% quarterly lift and well below the last quarter’s 0.4% rise. This will also drag on real GDP for the quarter.

The national income shock is also in full view, with company profits continuing to fall, and wages and salaries growing at a subdued rate over the year.