NZ Activity Index for July: +2% y/y (June was +0.6%)

Author: Eamonn Sheridan | Category: News

New Zealand Treasury Activity Index (NZAC) 

Activity in July is around 2% up on same month last year 
  • +0.6% in June (revised from -0.9%)
Treasury add:
  • Most constituent indicators are above last year's levels
  • main exceptions are the labour market indicators - which continue to dampen the index
  • COVID-19 has resurfaced in the New Zealand community, and Alert Levels 3 (in Auckland) and 2 (in the rest of NZ) have been reinstated. 
  • Weekly growth in income support numbers increased for the first time in six weeks. 
  • The NZ Activity Index shows economic activity was above 2019 levels in July, as retail card spending held up strongly. The RBNZ expanded the size and duration of its Large-Scale Asset Purchase programme, while business confidence slipped. Food prices rose on the back of higher vegetable prices.

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