NAB business survey bubble deflates

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From NAB:

How confident are businesses? The business confidence index fell 2pts to +7 index points and is now only just above its historical average of 6 index points. The survey was conducted shortly after US President Trump’s announcement of tariffs on at least $50 billion of Chinese imports, which may have affected sentiment.

• How did business conditions fare? The business conditions index declined by 6pts to +14 index points more than giving up its gains in the previous two months. Nevertheless, it remains well above its historical average of +5.5 index points and was unchanged in trend terms.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.