ANZ survey of consumer confidence in New Zealand
Down 0.8% m/m to 120
- previous month it was +0.4% m/m to 121
ANZ remarks:
- support seen from strong jobs market and low interest rates
- economic growth moderating, rising downside risk to outlook, high household debt, high housing prices …. all these weighing
- economic momentum losing steam, has been for a while
- economy to struggle to grow above trend from here
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I'll just note that this down 1 point on the reading for the month is very close to unchanged. What is much more of a concern is the business confidence data we saw two days ago - that was awful and is not a positive sign:
NZ data - Business Activity Outlook +9.4% in June (+13.6% prior)
Business confidence dropped to -39 (from -27.2 prior)
