New Zealand ANZ business survey for August, preliminary.
The key indicators remain at weak levels, dropping further this month in the flash reading:
Business Confidence vs. prior -31.8
Activity Outlook vs. prior -8.9
ANZ comments:
- adds to the evidence that the post-lockdown rebound may have run its course.
- Employment and investment intentions fell too as the post-lockdown bounce starts to give way to the drag from the closed border
- with temporary fiscal support measures poised to roll off in coming months, and the impacts of a closed border to be fully felt only when the peak-tourism summer season arrives, there are plenty of economic hurdles to clear yet. Today's data is indicative of exactly that.
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Very disappointing result from this survey. NZD is doing very little in response, down just a few tics as I update.
