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<p>National Australia Bank survey, confidence (at -4) and conditions (at 20) both dropped ( 0 and 22 priors, respectively).</p><ul><li>confidence negative for the first time since December 2021</li></ul><p>Some of the sub-indexes:</p><ul><li>sales -2 to a still very strong +28 (resilience in demand citied for this)</li><li>capacity utilisation just off a record high at 85.2%</li><li>profitability -1 to +20</li><li>employment -1 to +13 (still historically high)</li></ul><p><a href="https://www.forexlive.com/terms/i/inflation/" target="_blank" id="ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa_1" class="terms__main-term">Inflation</a> indicators still high:</p><ul><li>Labour costs up a little in the month</li><li>both producer costs and retail prices higher </li></ul><p>The 'conditions' measure is the more objective of the two, the 'confidence' measure is a reflection of (subjective) sentiment.</p><p>NAB remarks:</p><ul><li>"Overall, the survey suggests the economy powered through November with consumers still spending in the run-up to Christmas"  "However, firms have become increasingly pessimistic about the future as they look ahead to a slowing global economy and a period of weaker consumption as inflation and higher rates weigh on households." </li></ul>

                This article was written by Eamonn Sheridan at www.forexlive.com.