Australia: Business confidence drops in November for a third consecutive month
December 14, 2010
The business sentiment index published by the National Australian Bank Ltd. (NAB) dropped for a third consecutive month in November, declining from 8 points in October to 6 points. At the current level, business sentiment remains positive, with the index sitting above the 0-threshold that separates positive from negative sentiment. However, the index is now only one point below the long-run average of 7 points. According to NAB, the result continues to reflect the mixed prospects of the various industrial sectors. In particular, while sentiment continues to pick up strongly in mining, transport and utilities, the outlook remains weak for retail trade and manufacturing and deteriorates in wholesale trade.
Author: Armando Ciccarelli, Head of Data Solutions