Morricession smashes NAB business survey

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…

Houses and Holes

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