Australia’s business conditions weakened from the December high, while business confidence strengthened in January, survey results from the National Australia Bank showed Tuesday.

The business conditions index dropped 9 points to 7 in January. However, the score was above average and back around November levels.

Meanwhile, the business confidence index advanced 5 points to 10 in January.

The overall drop in conditions was driven by a decline in all three sub-components with trading conditions leading the fall and the employment index also easing in the month. That said all three sub-indexes remained in positive, expansionary territory.

Among industries, conditions remained strongest in retail and weakest in construction followed by personal services.

Capacity utilization edged up in the month, while forward orders weakened from December. On investment, capex rose to be just in positive territory at 1 index point.

“Business started the year on a more optimistic note, even as conditions eased from the strength we saw in December,” Alan Oster, NAB group chief economist.

The material has been provided by InstaForex Company – www.instaforex.com

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