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Financial News: New Zealand July Retail Credit Card Spending Rises

New Zealand July Retail Credit Card Spending Rises 0.7%

08/09/2018 - 19:15:00 (RTTNews)

(RTTNews) - The value of retail credit card spending in New Zealand gained a seasonally adjusted 0.7 percent on month in July, Statistics New Zealand said on Friday.

That beat forecasts for an increase of 0.5 percent and was down from 0.8 percent in June.

"With a third consecutive monthly rise of around 0.7 percent, we have seen steady growth in retail card spending after the dip in April," acting retail manager Kathy Hicks said. "The latest monthly rise mainly reflects spending on the household essentials such as fuel and groceries."

Card spending rose in four of the six retail industries. The largest movements were: fuel, up $14 million (2.1 percent); consumables (grocery and liquor), up $11 million (0.6 percent); and hospitality, up $5.6 million (0.5 percent).

Core retail spending (which excludes vehicle-related industries) rose 0.3 percent in July following a 0.6 percent rise in June.

Actual retail spending using electronic cards was NZ$5.2 billion in July, up NZ$222 million (4.5 percent) from a year earlier.

Also on Friday, BusinessNZ said that the manufacturing sector in New Zealand continued to expand in July, albeit at a slower pace, with a manufacturing PMI score of 51.2.

That's down from the downwardly revised 52.7 reading in June (originally 52.8), although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Among the main indices, deliveries, finished stocks, new orders and employment all were in expansion territory.

Production remained in contraction at 49.0, sitting at its weakest reading since May 2015.

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