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New Zealand Business Confidence Improves Less Than Estimated

New Zealand business confidence improved less than initially estimated in July, final data from ANZ showed Thursday.

The business confidence index rose -31.8 in July from -34.4 in June. The preliminary reading was -29.8.

The survey showed that own activity, expected profitability, investment intentions, capacity utilization, pricing intentions, ease of credit, activity vs. a year ago, employment vs. a year ago were slightly weaker than the preliminary reading.

Further, expected costs, employment intentions and inflation expectations were similar to the preliminary reading.

Meanwhile, export intentions, residential construction intentions, commercial construction intentions were stronger than the preliminary estimate.

The rebound out of lockdown has been enthusiastic for retail, domestic tourism, and the housing market, ANZ said.

The economic pain arising from the closed border and sharply weaker global growth is yet to be fully felt - partly because an economy is just a slow ship to turn, but partly because of the enormous fiscal stimulus such as the wage subsidy scheme that is masking the real income hit that the economy is experiencing, ANZ added.

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