Business conditions eased in April and all three sub-components are now back around their long-run average, while confidence remained steady albeit below average in the month. The decline in the employment index back to average levels is perhaps the most notable shift after a period of persistent out-performance in the labour market – though at +2 index points, this measure is not signalling outright declines in employment. Forward orders also fell in the month, driven by large movements in mining, manufacturing and construction, while the level of forward orders also remains negative in retail and wholesale. That ... (full story)