Australian September business confidence unchanged at +1

<p>National Australia Bank Business Survey for September 2023</p><ul><li>business confidence unchanged at +1, its third month in a row at this level</li><li>business conditions +11, from +14 in August </li></ul><p>Highlights of the report:</p><ul><li>labour costs +2.0% in the past three months, from the previous reading of 3.2%</li><li>purchasing costs also +1.8% from to 2.9%</li><li>capacity utilisation remains high at 84.2%</li><li>forward orders +2 in September from a zero reading in August</li></ul><p>NAB comments:</p><ul><li>
The September survey results suggest the momentum of some
of the key cost pressures driving inflation may have started to
step back in a welcome sign for the broader inflation outlook</li><li>The conditions index has been hovering around its current
level of +11 index points since May, suggesting the economy has
remained in reasonable shape through the middle of the year</li></ul><p>–</p><p>Business conditions – these tend to a more objective measure than the sentiment measyr of confidence:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.