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…
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