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Business conditions fell two points from May to June to reach 4 index points, according to NAB’s monthly business survey.
Business conditions are now below the long-run average. The index last peaked in late 2022 and has trended downward since.
The index, which is made up of three categories including trading, profitability and employment, saw a sharp drop in the employment category, which fell five points to 0. The other two categories each dropped one point, with trading reaching 10 and profitability ending up at 2.
“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 NAB head of Australian economics Gareth Spence.
#accountant #tax #business
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