Con­fi­dence bounce

Mercury (Hobart) - - BUSINESS -

AN in­dex mea­sur­ing busi­ness con­fi­dence has spiked de­spite con­di­tions con­tin­u­ing to wane and the re­tail sec­tor be­ing “clearly in re­ces­sion”, an­a­lysts say. Na­tional Aus­tralia Bank’s busi­ness con­fi­dence in­dex, based on a monthly sur­vey of about 550 com­pa­nies, has gained 7 points for May to a pos­i­tive reading of seven. The bounce was likely be­cause of the elec­tion and in an­tic­i­pa­tion of rate cuts, NAB re­searchers said. But its in­dex of busi­ness con­di­tions dropped by 2 points to 1 point, as NAB noted con­di­tions in the re­tail sec­tor were now at the same lev­els as dur­ing the global fi­nan­cial cri­sis.

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