NAB business survey: Consumer bunkers

The July NAB business survey is out and is poor:

Confidence was OK. Conditions were ordinary. Employment continues to soften:

Leading indicators remain weak:

Capacity utilisation is crumbling:

The consumer is fooked. Mining does not see what’s coming:

The consumer is royally-fooked in fact:

Time to smash wages, ScoMo? Full report.

Houses and Holes

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.

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