The NAB business survey for March provided further confirmation that the COVID-19 medical crisis is also an economic crisis, economists at Westpac Institutional Bank inform.
Key quotes
“Business confidence collapsed. The index fell to -66, down from -2 in February.”
“Business conditions fell from 0 to -21.”
“Manufacturing reported was a -21 – at odds with the AiG’s PMI, which rose to 53.7 in March on the back of increased demand for manufactured food, groceries and personal care items.”
“Construction was little changed, at -3. Mining fell to a -42, with the world economy sliding into a deep recession and prices for some commodities (notably oil) moving lower.”
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