NZ data: ANZ (March) Activity Outlook 38.8 (prior 37.2)Business Confidence 11.3 (prior 16.6)

Data for New Zealand from March, ANZ Bank  Business Outlook Survey

ANZ"s SUMMARY

• Business confidence eased in March.


• However, other survey indicators remain fighting fit. Firms are optimistic about their own businesses, and still want to hire and invest.


• The survey continues to point to solid growth.


• The construction sector remains optimistic, but showed a large backwards step across some survey metrics.


• Inflation expectations continue to nudge up.

More:

• Business confidence has less spring in its step. A net 11% of businesses are optimistic about the year ahead. That"s down 6 points on February and takes sentiment back to average levels. Sentiment dropped sharply in retailing and construction, and turned negative within the agriculture sector. Businesses are striding out nonetheless.


• A net 39% of businesses expect better times for their own business. This series has a long-run average of +28. Sentiment is well above that. Details of the survey were generally still full of endorphins.


• Investment intentions eased from +22 to +21; that"s still a good tempo. 


• Employment intentions are still pacing themselves. A net +23 are looking at hiring more staff, down 1 point.


• Profit expectations eased from +24 to +23, led lower by construction.


• Export intentions lifted from +21 to +30. A weaker NZD helps.


• The construction sector continues its interval training. This month, residential construction intentions dropped from +44 to +25 (it went from +29 to +44 the month prior). Commercial construction intentions eased from +36 to +23. 


• Firms" pricing intentions eased back to +23 from +26. However, inflation expectations rose from 1.7% to 1.8%.


• Seasonally adjusted estimates were unchanged for firms" own activity expectations and employment, and fell 1 point for investment; the economy is still recording good time splits.
  

NZ data: ANZ (March) Activity Outlook 38.8 (prior 37.2)Business Confidence 11.3 (prior 16.6)
NZ data: ANZ (March) Activity Outlook 38.8 (prior 37.2)Business Confidence 11.3 (prior 16.6)
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