finsmart-news_admin
3
New Zealand: Consumer confidence falls in July
Latest reading: Consumer confidence fell to 94.7 points in July from 98.8 in June. As such, the index moved further below the 100-threshold indicating pessimism among consumers.
Consumers grew less upbeat about both current and future conditions in July, and also grew less willing to make major purchases.
Panelist insight: On the data, ANZ analysts said:
“The economy is making hard work of recovering from last year’s recession. Activity indicators have slipped in recent times and it’s entirely possible that both GDP and employment went backwards in the June quarter. The housing market is going nowhere fast. Soft consumer confidence is both a reflection of and a contributor to the sluggish economy.”
