The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Tuesday, April 10, 2012

NAB Business Survey: Conditions (UP); Confidence (UP); Employment (UP)

Oops, more conflicting local data for anyone looking for a rate cut. NAB's closely-followed business survey reported today for March. UBS comments:

* The NAB survey of business conditions ticked up further in March to +3.6 (UBS: down, mkt nf) - the highest level in a year, despite an easing of PMIs over recent months - from +2.7 in February (was +3.0). Conditions are trending up very modestly, from a trough in August (-2.8) – to now just below average (+5.5 since 1997).

* Business confidence bounced (2.6, after 0.7, was 0.9) to near the level from October-January...

* The key employment component also bounced (+0.6, after -0.4), mostly offsetting last months fall, and remains at a level consistent with much stronger jobs growth than the currently weak pace (though we note the relationship has seemingly broken down).
at 1:18 PM