In the May ANZ Business Outlook Survey headline business confidence lifted 6 points, with a net 32% of respondents reporting that they expect general business conditions to deteriorate in the year ahead. Firms’ expectations for their own activity lifted 2 point to a net 9% expecting a lift. Manufacturing is the most optimistic sector; construction is now the least. Turning to the detail: • A net 3% of firms are expecting to lift investment, up 1 point. • Employment intentions fell 4 points to 0. Capacity utilisation rose 1 point. • Profit expectations rose 3 points to a net 10% expecting profit to decline. • A net 36% of … (full story)