Business confidence has evaporated and business conditions have stabilised at weak levels, suggesting that the economy is trending sideways - stuck in the slow-lane. These were the key messages from the private business surveys late in 2019. They remain the key messages as the 2020 year begins - as evident in the NAB survey for January, which was conducted from January 21 to February 3. Falling forward orders suggest weak business conditions are likely to persist near-term. In January, the business conditions index was unchanged at +3, which is below the long-run average (of +6 dating back to 1997). The January ... (full story)