Australia: Business sentiment plunges in May
June 12, 2012
In May, the business sentiment index published by the National Australian Bank (NAB) dropped to minus 2.0 points from 4.0 points in April. With the May reading, business confidence dropped below the 0-point threshold that separates positive from negative opinion for the first time since August last year, suggesting a deterioration in investment prospects going forward. At a sector level, confidence deteriorated markedly in construction as well as in the finance/business/property sector. Mining is the sector currently showing the highest confidence level (+3 points), whereas construction was the lowest ranking sector (-11 points).
Author: Armando Ciccarelli, Head of Data Solutions