A closely-watched measure of Australian business conditions eased in February, dragged by falls in profitability and sales and pointing to cooling growth ahead, although the employment index was surprisingly resilient.[SYDNEY] A closely-watched measure of Australian business conditions eased in February, dragged by falls in profitability and sales and pointing to cooling growth ahead, although the employment index was surprisingly resilient.
The survey's volatile measure of business confidence declined 2 points to +2, having been much softer than conditions in recent months. "Leading indicators of the labour market will be important over the next few months as we assess the lags between output and employment," said NAB Group chief economist Alan Oster.
The central bank had touted the strength of business conditions as one reason for optimism so February's dour data will be unwelcome. It will also add to views a rate cut is needed to boost economic growth and inflation.
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