The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
Business confidence jumps to +21pts in Australia
As follows from the report of the National Bank of Australia on business confidence, the index of business conditions managed to tack on by 6pts hitting +21. It appears to be the highest outcome since the beginning of the poll in March 1997. As for the index of business confidence, it also rallied by 2pts coming up with +10 points, considerably surpassing its historical average of 6pts.
According to the chief economist at the NAB Group, Alan Oster in the April survey the record business activity index underpins what turned out to be apparent from the middle of the previous year, clearly showing that business activity in Australia is sturdy enough.
As a matter of fact, conditions have surged in all industries, except for retail and manufacturing.
Market experts pointed out that there are some worries that retail conditions have appeared to be downbeat for the first time of 2018. What’s more – worries about the weakness of retail trade have receded because of a considerable improvement in the conditions in this industry for the last two months.
On components, the terms of sales, profitability as well as employment conditions in April demonstrated upbeat outcomes and they are still above their historical average.
As some financial analysts point out the improvement in the employment index was particularly appreciated in the face of the fact that not so long ago the Australian Bureau of Statistics posted a slowdown in employment surge. Apparently, NAB Survey has coped perfectly with short-term cycles in ABS data. Market experts are assured that the labor market keeps improving.
As for changes in the leading indicators, they happened to be mixed this month, while remaining at a firm level.
The study keeps pointing to lower inflation as well as wage surge.
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