Business conditions fell by 8pts in December, notching up a third successive decline. They remain well above average at +12 index points reflecting the extraordinary strength seen in early-to-mid 2022. Notwithstanding a small improvement in confidence in the month, the larger than usual gap to conditions persisted. With confidence still in negative territory (and well below average) and forward orders moderating further in the month, there are signs that conditions may ease further. On the prices side, the survey continues to suggest notable pressure on both inputs – including labour costs – and product prices. ... (full story)