NZ First Impressions: NZIER Survey of Business Opinion, Q2 2024
==========

Business activity measures remained weak in June, with general business confidence at -35.4 and trading activity for the past three months at -27.8. However, inflation indicators have improved, with a net 41% of firms reporting cost increases over the last three months, down from 52% in the previous quarter. The survey suggests that inflation will continue to recede, but not faster or slower than expected by the Reserve Bank. Firms' views on their own activity were mixed, with past performance slightly weaker but expectations slightly higher. The labor shortage has eased, and firms reported shedding workers in the last quarter. The survey indicates that the Reserve Bank of New Zealand (RBNZ) may begin reducing the OCR from February next year, earlier than the RBNZ's own projections. The RBNZ's OCR preview will be published after its July 10 meeting.

#BusinessConfidence #Inflation #EconomicSurvey #ReserveBankOfNewZealand

https://www.westpaciq.com.au/economics/2024/07/nz-first-impressions-nzier-survey-of-business-opinion-q2-2024