Inflation pressures are easing
National Australia Bank released the latest NAB Survey, which showed a bit of a (modest) bounce in business confidence and business conditions.
Cost pressures are still easing, though, which is good to see.
Westpac Economics commented:
"On the costs front, the survey continues to report an easing in input cost pressures.
The labour costs index is currently tracking a quarterly equivalent pace of 1.7% (down from 1.8% in August) while the purchase costs index is running at 1.2% (down from 1.6% in August)
The pass-through of these costs to consumer prices remain limited, with final product prices tracking a pace of just 0.5% (down from 0.7% in August)".
Forward orders remain very weak, with the index stuck at -5 points.
