Australian Economy Australian interest rates

NAB business survey jobs capitulate

Tuesday, 14 May 2019

The headline numbers are poor for the NAB business survey:

Most significantly, the employment index is now low enough for higher unemployment. NAB reckons -1 equates to about 14k jobs per month, not enough to soak up foreign entrants:

Everything cyclical giving in on jobs:

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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.