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NZ Sept business confidence stopped free-falling - ANZ

FXStreet (Bali) - Philip Borkin, Senior Economist at ANZ, provides a summary on the latest NZ business confidence, noting that the indicator finally stopped free-falling in September.

Key Quotes

"Key survey indicators that more closely correlate to GDP growth also lifted a tad."

"Our composite indicator for economic activity is still soft, but the stabilisation in survey components is welcome."

"Some good news! The economy found a bungy cord attached, with the downward slide in business confidence being arrested in September."

"It’s still a negative zip-line though, with a net 19% of businesses pessimistic about the general economy."

"However, after five successive months of declines in the headline figure – and substantial declines at that – the turnaround is welcome."

"Sentiment remained in negative territory across all five sub-sectors."

"Agriculture remains the most pessimistic, whilst manufacturing and services are the least downbeat."

"Cord recoil was apparent across the broad survey, and importantly, in key survey indicators that more closely correlate to GDP growth.

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