Chaos! NAB business survey for December:
The spread of components was poor with labour taking plenty of pain:
As costs, including labour, skyrocket:
Leading indicators are pretty soft:
This stinks of stagflation. But it also reeks of OMICRON distortions. If I’m the RBA, I’m waiting until the obvious distortions pass before I do anything.
The January NAB survey will be worse…
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.
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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