New Zealand ANZ Business Confidence Improves Slightly

New Zealand business confidence improved marginally in July, though remained gloomy overall, survey results from ANZ showed on Thursday.

The business confidence index rose to -56.7 in July from -62.6 in the previous month.

The own activity index almost remained stale in July, with the index rising moderately from -9.1 in June to -8.7.

Most activity indicators were little changed, but residential construction intentions plummeted again to a fresh record low, the survey said.

According to ANZ, inflationary pressures remain intense across the economy, with 91.3 percent of businesses expecting rising costs in the future.

The ANZ said New Zealand businesses are well aware that the Reserve Bank is on a mission to reduce customer demand for their wares in order to reduce inflation. No wonder they're feeling apprehensive.

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