New Zealand December business confidence -70.2 (prior-57.1)

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 Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term 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.