New Zealand – ANZ business survey for March
- Business Confidence: absolutely smashed, down to -63.5 vs. prior -19.4
- Activity Outlook:-26.7 vs. prior 12.0
- It’s grim.
- Confidence and activity measures plummeted
- Responses in the second half of the month strongly suggest next month will be even worse
- We are on a very steep slide indeed.
- Retail sector own activity collapsed 56 points from +15 to -41.
- Services and construction also plummeted by more than 40 points.
- Expected profitability, investment and employment intentions fell sharply.
- A net 23% of firms intend on laying off staff, including a net 35% of retailers. Inflation expectations dropped another 38bp to 1.51%, the lowest in 3 years.
more to come
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