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Business Confidence Jumps During January

Business confidence and optimism for an economic recovery in Australia is sitting above the average, according to NAB’s Monthly Business Survey.

The survey found business confidence rose by 5 points to 10 points in January, while business conditions fell back to 7 points after a strong sales month in December.

“Business started the year on a more optimistic note, even as conditions eased from the strength we saw in December. Importantly, employment conditions remain in positive territory – so overall businesses are still expanding their workforce,” said NAB group chief economist Alan Oster.

“The decline in conditions was broad-based across industries, except for a small improvement in recreation & personal services, which continues to make small gains as restrictions ease.

Overall, in trend terms conditions remain strongest in retail and weakest in construction followed by personal services.”

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