Australia's business conditions improved modestly in March, along with a jump in confidence, a survey by the National Australia Bank (NAB) showed Tuesday.
The business conditions index rose to 4 in March from 3 in February. The business confidence index advanced to 3 from 1 in the previous month.
Despite the improvement in confidence levels, the degree of caution still seems to be inhibiting hiring and investment decisions, NAB said.
Positive data out of the US, which helped push the Australian dollar lower, and reduced Euro banking concerns probably aided sentiment, the report said.
According to NAB, though the economy may gather momentum gradually, the current soft patch will see a slight deterioration in near-term unemployment prospects.
by RTT Staff Writer
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