Business conditions in Australia posted a sharp fall of seven points to eight points in May driven by declines in trade, employment, and profitability, according to a survey released by the National Australia Bank Ltd. (NAB) Tuesday.
The fall in conditions appears to be accelerating but still remains above the long-run average, said the survey.
All the three sub-components of the business conditions fell in May, of which trading dropped eight points to 14 points, employment down seven points to four points and profitability slid five points to seven points, it said.
Conditions in all the industries saw declines with the biggest pullback seen in transport and utilities, wholesales, and mining industries.—Xinhua
