The Australian economy is showing obvious signs of a slowdown as local enterprises report declining activities and more challenging business conditions in May, a new report has revealed.
According to the latest business survey by the National Australia Bank (NAB), businesses across industries were running out of work to do, implying a worrying trend for Australia’s economic growth.
Specifically, forward orders–an economic metric that measures business conditions and economic activity, fell sharply by six points to minus five index points in May, well below the long-run average of one index point and sits at the weakest level in ten years (COVID-19 period excluded)….