NAB business indices fall in August; soft Q2 private sector growth likely continuing

Summary: Business conditions deteriorate in August; business confidence also deteriorates, well below average; NAB: weaker trading conditions, profitability may now be feeding into labour demand; ACGB yields fall; rate-cut expectations firm, first cut fully priced in for February; NAB: survey suggests soft private sector growth in Q2 has carried into Q3, may be translating into softer labour market; capacity utilisation rate up, still at elevated level. NAB’s business survey indicated...

read full story