Aussie Business Confidence and Jobs Gauge Surge; Currency Gains
- `Especially good result' given global economic gloom: Oster
- Business conditions match highest since before 2008 crisis
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Australian business confidence jumped and an employment gauge in the survey surged to the highest in almost five years, signaling a healthy job market and reducing the likelihood of an interest-rate cut. The local currency gained.
The sentiment index doubled to six points last month, according to a National Australia Bank Ltd. survey of more than 400 firms conducted March 23-31. The business conditions gauge -- a measure of hiring, sales and profits -- climbed to 12, matching the highest level since before the 2008 global financial crisis. The employment index jumped four points to five, its best result since 2011.