New Zealand ANZ business survey for December 2022.
Business Confidence -70.2%, a record low
- prior -57.1%
Activity Outlook -25.6%
- prior -13.7%
more to come
Ugly stuff. When the Reserve Bank of New Zealand says it'll be hiking interest rates into recession I guess ugly is the best you can hope for.
ANZ note that inflation pressure remains 'intense'.
ANZ remarks (in brief):
- Well, the Reserve Bank certainly got the shock value we suspect it was aiming for at its November Monetary Policy Statement. Nothing like saying you’re deliberately engineering a recession to put a damper on investment and employment plans.
- We will be adding a special one-off January Business Outlook survey and will publish the results if respondent numbers warrant (historically a challenge in January). For now, ... if the ANZBO weakness is sustained, the RBNZ is in danger of engineering a harder landing than intended, with downside risk to residential investment, business investment and overall GDP.
