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Key points: • Business confidence lifted another 5 points in July to -13, the highest read since September 2021. Expected own activity eased 2 points to +1. The economy is slowing, but certainly not coming to a sudden stop. • Inflation indicators mostly crept slightly lower, but cost expectations lifted, and the proportion of firms expecting to raise wages increased. Activity indicators were a mixed bag in July, but broadly, the gains from the previous month were more or less maintained. Lifts were seen in business confidence, export intentions, and residential construction intentions, but expected own activity ... (full story)