September 29, 2023
In New Zealand, the ANZ Business Outlook Index increased to 1.5 in September 2023 from -3.7 in August, marking the first positive reading since May 2021. Despite the increase in headline measurements, numerous activity indicators fell somewhat in the report. Export (-0.4 in September vs 7.5 in August), investment (-4.1 vs -1.3), and employment (1.2 vs 4.6) intentions, as well as residential (-13.6 vs -7.4) and commercial (–29.6 vs 0) construction intentions, all softened. The drops, however, were minor, and the overall survey is best described as “mixed.” Profit forecasts for the entire economy rose (-13.2 vs -17.6). Less helpfully, price intentions (47.1 vs. 44), cost expectations (78.6 vs. 75.3), and inflation forecasts (4.95 vs. 5.06) dropped somewhat and registered the first reading below 5% since December 2021.
Source: Trading Economics
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