The New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO).
Business confidence improved a little but is still deeply negative
53% of businesses expect a worsening in general economic conditions over the coming months
- was -63% in Q2
Main points from the NZIER report:
- Demand remains soft
- sharp easing in labour shortages
- These developments suggest that higher interest rates are starting to dampen demand in the New Zealand economy
- easing in capacity pressures more broadly
- Pricing pressures have eased while cost pressures remain intense
NZD/USD is barely changed on the report: