NZ Business Confidence (March) : -63.5 (prior -19.4)

Forex

NZ Business Confidence (March) : -63.5 (prior -19.4)

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

ANZ comments:

  • 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. 

More:

  • 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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