New Zealand ANZ business confidence was finalized at -16.4 in November, down from October’s -13.4. Own activity outlook dropped from 21.7 to 15.0. Looking at some more details, export intentions rose from 8.6 to 9.5. Investment intentions rose from1 3.8 to 16.3. Employment intentions rose from 10.9 to 15.8. Cost expectations rose from 87.2 to 88.7. Pricing intentions rose from 65.5 to 66.5. Inflation expectations rose from 3.45% to 4.24%.
ANZ said. “It’s an uncertain time for the New Zealand economy…. the global COVID situation has taken a turn as well with the uncertain implications of the new Omicron variant. Costs are rising and firms aren’t confident they’ll be able to maintain their profit margins. But in the bigger picture, demand is solid with jobs plentiful, Auckland is nearly out of lockdown, and there’s a plan to reopen the border, as long as the new variant doesn’t turn out to be a game changer…. it’s a mixed bag, yes, but overall things are still ticking along pretty well. Here’s hoping COVID doesn’t throw a curve ball.”
