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Financial News: New Zealand ANZ Business Confidence Improves In July

New Zealand ANZ Business Confidence Improves In July

07/09/2020 - 04:32:00 (RTTNews)

(RTTNews) - New Zealand business confidence improved in July, preliminary survey data from ANZ showed on Thursday.

The business confidence index rose 4.6 points to -29.8 percent in July from -34.4 in June.

All forward-looking activity indicators increased from June levels. The own activity index climbed to -6.8 percent in July from -25.9 percent in June.

A net 4.5 percent of firms expect to reduce investment, a net 26.0 percent expects lower profits, and a net 3.0 percent expect lower capacity utilization.

A net 15 percent of firms expect to cut jobs, while a net 21 percent of firms report having less staffs than in the same period a year ago.

The expected costs and pricing increased in July, while one-year-ahead inflation expectations fell slightly.

"New Zealand is in an enviable position (touch wood), with activity largely back to normal, as demonstrated by traffic and spending data and many other indicators," ANZ said.

"After the rigours of lockdown we deserve a pat on the back and a little splurge," ANZ added.

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