Australian business confidence improves slightly

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SYDNEY, June 10 (AFP): Australian business confidence staged a modest recovery in May after hitting seven-year lows the previous month but was vulnerable to another downturn, according to a survey released today.

The National Australia Bank (NAB) said the results of its survey of 1,700 companies showed business confidence rose four points in May but remained in negative territory on minus four.

The survey's measure of business conditions was unchanged at 7.0, its lowest reading since December 2002.

"The overall level of confidence remains very low and in trend terms continues to deteriorate," NAB economists said in a note.