Australia: Business sentiment picks up in October
November 10, 2011
The business sentiment index published by the National Australian Bank (NAB) swung from minus 1 points in September (previously reported: -2 points) to plus 2 points in October. The reading marked a second consecutive improvement in the index, which is now at its highest level since May this year. In addition, with the October reading business confidence moved above the 0-point threshold, which separates positive from negative opinion, for the first time in the last three months. According to the NAB, sentiment improved across a majority of the main industrial sectors. Confidence increased most in construction, where sentiment rose by 24 points over the previous month. Construction is also the sector that shows the highest confidence level (+14 points), followed by mining (+10 points), whereas finance/business/property is the lowest ranking sector (-1 points).
Author: Armando Ciccarelli, Head of Data Solutions