NAB Business Survey stuck in a rut

NAB has released its March Business Survey today and there is little to report. In fact, it looks pretty much a carbon copy of the subdued February survey:

As you can see, businesses have reported a second month of good trading conditions. However, forward orders and exports are flat. Labour costs are elevated but contained and employment intentions weak. Profitability and confidence were up slightly.

Here’s the sectoral split:

Two speeds out the wazoo but an ongoing recovery in manufacturing, towards zero. Here’s the state by state split:

No real change here either.

NAB highlighted a couple of positives in tis commentary:

Confidence and conditions grind higher but with little jobs growth. Forward indicatorsmarginally improve but remain subdued. Multi speed economy still to the fore – withnon mining edging up a touch. Domestic forecasts edge lower with unemployment up.

But this is very much within the trends we have seen for over a year. Certainly nothing here to inhibit the promised rate cut.

2012m03 Press Release

David Llewellyn-Smith
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