Australia: Business confidence dropped for a second consecutive month in October
November 9, 2010
The business sentiment index published by the National Australian Bank Ltd. (NAB) dropped for a second consecutive month in October, from 10 points in September to 8 points. At the current level business sentiment remains positive, with the index still above the 0-threshold which separates positive from negative sentiment. However, the index remains only one point above the long-run average of 7 points. According to NAB, the result reflects the different prospects among Australian industrial sectors. In particular, while sentiment improved in mining, transport, utilities and retail trade, the outlook deteriorated sharply for manufacturing and wholesale trade, tipping the overall index to the downside.
Author: Armando Ciccarelli, Head of Data Solutions