Australia Business Sentiment Hits Record High
The NAB business confidence index in Australia rose 9 points from the prior month to a record high of 26 in March 2021 and implied that conditions will remain solid in the near term, amid the strength in capacity utilization and forward orders, which both toppled previous highs. Confidence improved in all industries, led by a pickup in retail. Also, business conditions reset last month’s record high, with trading (40 vs 35), profitability (33 vs 25), and employment (22 vs 15) all reaching fresh highs. Conditions improved in all states, except for the South Australia. By sector, large increases were seen in mining and the service sectors with finance, business & property now the strongest non-mining industry. Manufacturing, wholesale, and recreation also reported improving conditions. “It looks like we have moved past the rebound phase of the recovery and are now seeing healthy growth in most of the economy," said Alan Oster, NAB Group Chief Economist.
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