The NAB Australian Wellbeing Index fell in the final quarter of 2023.
Indicators point to above trend growth in the September quarter of just over 3% qoq. Jobs growth was strong in September and the unemployment rate fell below 6% for the first time in over six years. Inflationary pressures have eased in recent months.
Indicators for the U.S. economy suggest that it grew at an above trend rate in the September quarter; we are expecting growth of just over 3% qoq (annualised rate). The positive sentiment around the economy was only reinforced by the September employment report, which showed the unemployment rate falling below 6% for the first time in over six years.
In recent updates we have noted that the ISM manufacturing and non-manufacturing business surveys have indicated a strong degree of momentum exists in the economy. Both measures gave up some of their recent gains in September, but remained at still strong levels (consistent with around a 4% annualised GDP growth rate).
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