NAB survey: employment crunch

NAB survey dives

The business surveys are among the most timely indicators, and NAB's release was...well, pretty bad.

Critically, the employment reading dived from +6 points to -1 points.

Source: NAB

That's the first negative reading for business employment since January 2016.

Source: Real Vision

I'm no rates strategist, but notably employment is considered key to the outlook.

I've been in a meeting all morning, but a quick glimpse at the feed was not pretty...

Euch.