– Inventories +0.4% q/q (expected flat, prior was -0.4%)
– Company Profits -4.7% q/q (expected +0.4%, prior -2.8%)
–
Wages +0.6% q/q
Mining profits down to levels they were at in late 2009. Mining makes up around 25% of this survey, a big contributor so falls in profit in that sector weighing on the results. Raise your hand if this is a surprise to toy, and then go an sit in the naughty corner. Not news.