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New Zealand business confidence slips in September as oil prices bite
September business confidence fell to 51.9, while inflation expectations were steady at 3.25% despite a recent oil price rise.
Action Forex said New Zealand’s recovery is continuing but remains uneven after September’s business confidence survey showed a modest easing. The outlet reported business confidence at 51.9 versus 53.7 previously.
It said expectations for own activity edged down to 47.9 from 48.2, and it noted activity compared with the same month a year ago at 10.8, down from 16.4. Pricing intentions were also lower at 48.4, compared with 51.0.
Action Forex reported that inflation gauges did not rise even after the recent fuel or oil price spike. It said inflation expectations were steady at 3.25% versus 3.26% previously, and it highlighted that hiring intentions fell after the fuel price move, calling it a key area to watch.