Australia business conditions worsen in June, job outlook dims, survey shows

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Australia business conditions worsen in June, job

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dims, survey shows

SYDNEY (Reuters) – *********** business conditions worsened in June with the

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for employment taking a notable hit, a survey showed on Tuesday, though firms were a little more confident as cost pressures eased.

The survey from the National Australia Bank (NAB) showed its index of business conditions fell 2 points to +4, falling below its long-run average. In contrast, the index of business confidence bounced 6 points to +4 with gains reported in manufacturing and wholesale.

Within the conditions measure, the index of employment dropped 6 points to stand at 0, while sales were broadly flat.

“While its only one month’s read, the employment index is now below its long-run average and may be signalling that the broader slowing in the economy is flowing through more strongly to labour demand,” said Gareth Spence, head of *********** economics at NAB.

The survey found a welcome cooling in price pressures, with labour costs and purchase costs slowing. Inflation in product prices eased to a quarterly rate of just 0.7%, while retail prices held at 1.5%.

“Price pressures continue to ease in a trend sense though the data certainly ******** bumpy,” said Spence.

The Reserve Bank of Australia (RBA) left interest rates unchanged at 4.35% for a fifth straight meeting last month but warned it was vigilant to upside inflation risks that could require further tightening.

(Reporting by Wayne Cole; Editing by Christopher Cushing)

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