SYDNEY (Reuters) - Australian business conditions fell to the lowest in 2-1/2 years in August with the outlook for jobs taking a hit, a survey showed on Tuesday, while there was mixed news on inflation pressures subsiding.
The survey from National Australia Bank (NAB) showed its index of business conditions fell 3 points to +3, the lowest since January 2022 and below its long-run average.
The more volatile business confidence index dropped 5 points to -4, the lowest so far this year.
Within the conditions measure, the index of employment plunged from +7 to +1 after a brief uptick in July, suggesting weak sales and profitability could be feeding into labour demand.
"That suggests the period of very strong private sector labour demand seen throughout the post-COVID period may be coming to an end," said NAB Chief Economist Alan Oster.
