I don’t have a lot of time for the Dun & Bradstreet Business Expectations Survey. The reason is simply: it doesn’t work. The below charts all exhibit the same problem, that current conditions tend to lead expectations not the other way around and hence it’s kinda useless. The other issue is that, like the NAB survey, it under-represents mining, which is also pretty pointless at this juncture!
Bear that in mind as we go through this months’s results.
First, business has gone a little barmy over sales:
And selling prices are also reaching for the rainbow:
Some sobriety is creeping into profits:
And employment:
Capex rose a little more in an encouraging sign of some rebalancing:
Judging by the actual conditions, I suspect the next few months will show a muted rebound with a touch if inflation!
