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Financial News: New Zealand Business Confidence Strengthens In September

New Zealand Business Confidence Strengthens In September

09/09/2020 - 01:45:00 (RTTNews)

(RTTNews) - New Zealand business confidence improved sharply in September, preliminary data from ANZ showed Wednesday.

The business sentiment index rose to -26 percent from -41.8 percent in August.

The survey suggested that firms were largely looking through the re-emergence of Covid-19 in the community.

Although many activity indicators were at their highest levels since February, they were still well down compared to pre-Covid days.

The own activity outlook index gained 8 points and profitability expectations rose 4 points in September. Only a net 1 percent of firms expect to reduce investment, while a net 14 percent intend to reduce employment.

Meanwhile, the backward-looking indicators were more heavily impacted by the renewed Alert Level restrictions.

The New Zealand economy has a long way to go to navigate this crisis, ANZ said.

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