National Australia Bank Business Conditions and Business Confidence for May
- Conditions at 10, previous month was 10 also (revised higher from 9)
- Confidence at 3, previous was 5
- Improvement in sales (+20 for May vs. +15 for April) & profitability (+12 for May vs. +9 in April)
- Employment index more subdued though +1 in May vs +4 in April
Comments from NAB's chief economist Alan Oster:
- "Services continue to lead the way... while manufacturing has pulled back and mining (and related sectors) still look weak"
- Overall, this outcome suggests that economic activity is holding up reasonably well, with the RBA more focussed on the inflation outlook - encouragingly, inflation indicators in the Survey picked up a little this month."
The NAB survey is of more than 500 firms
Other data out also:
- Credit card purchases for April at $23.5bn AUD (prior 25.5bn
- Balances $51.8bn, prior $51.8bn
ps. Reserve Bank of Australia Assistant Governor (Financial Markets) Guy Debelle spoke earlier without saying anything on the economy nor monetary policy.
If you are having trouble sleeping here is the full text: The Global Code of Conduct for the Foreign Exchange Market