NZ: Business confidence down in June - ANZ

ANZ analysts note that the New Zealand’s headline business confidence reversed May’s lift, down 6 points to net -38% in June’s ANZ Business Outlook.

Key Quotes

“Firms’ views of their own activity fell just 1 point to +8%. Other activity indicators were also fairly steady.”

“Inflation indicators were mixed: pricing intentions fell, reported cost pressures were unchanged, and inflation expectations lifted slightly.”

“Residential construction intentions bounced. However, the construction sector has the weakest employment and profitability intentions across the economy.”