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Australia's NAB business confidence index plunged to -4 in August of 2024 from July's figure of 1. It was the first negative reading in three months, pointing to the lowest reading year to date amid steep falls in recreation & personal services, transport & utilities, construction, and manufacturing. Meanwhile, business conditions eased sharply (3 vs 6 in July), falling below average, due to a sharp drop in employment (1 vs 7), and small declines in sales (8 vs 10) and profitability (1 vs 2). By industry, conditions fell in wholesale, manufacturing, retail, and business & property. Labor cost growth eased to 1.7% in quarterly equivalent terms from the prior 2.4% while purchase cost growth rose to 1.6%. Simultaneously, product price growth was slightly lower (0.6% vs 0.7%) while retail price growth rose to 1.2% from 1.0%. Meantime, forward orders were unchanged (at -4). Capacity utilization remains elevated (82.9% vs 82.7%) and capex jumped (11 vs 6).