Another look at the NAB survey’s dubious rebound

David Llewellyn-Smith

Wednesday, 13 February 2019

Yesterday’s NAB survey rebound was enough to trigger an Australian dollar rally but it’s not clear why, via Westpac:

The massive services sector is in free fall:

Capex hit news lows. Jobs were better:

The industry view was OK but we know weakness is coming in construction. And the state view was sick as the eastern crash mostly worsened:

That looks like a halfway house to lower to me.

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.