NAB: The trend in business conditions has lost momentum

NAB: The trend in business conditions has lost momentum. The fundamental story painted by the January Business Survey is still one of a soft economy, with little momentum, weakish confidence and considerable difference across sectors. At the margin the Survey was a touch softer than December. Business conditions were a little lower (on an un-rounded basis) from a downwardly revised December result. In January, sales deteriorated considerably, profits eased and employment remained soft. Thus business conditions are increasingly below long-run average. Full analysis here: (VIEW LINK)