Report from NZIER shows July - September business confidence at 5%
- from prior 18%
- now at an 18 month low
NZIER Quarterly Survey of Business Opinion. More:
- A decline in business confidence is not unusual heading into a General Election
- Economic activity has come off the boil, but firms expect better things to come
- Firms also reported an easing in demand in their own business
- Businesses are optimistic about a rebound in demand in the next quarter
- June quarter GDP had shown another contraction in construction, and indicators suggest further softening in construction activity is likely in the near term
- Profitability in the building sector has also deteriorated
- Confidence in the services sector also dropped sharply
- Despite lower confidence and demand, businesses' hiring and investment plans remain positive.
NZD down a few points after the report. it remains wobbly while we await the formation of a government ... which may not be until after October 12 (I posted on this yesterday: New Zealand - election update)
