The NAB business confidence survey was incrementally positive. Firms’ assessment of business conditions was unchanged at +3, but confidence turned less negative to -1 from -2.
Looking into the details, we were encouraged by:
The rise in firms’ capex intentions to +6 from +4.
The increase in capacity utilization to 81.3% from 81.1%.
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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.
