New Zealand: Business confidence recovers; stays in optimistic territory
October 31, 2014
Confidence among businesses rose in October, according to the ANZ Bank Business Outlook, which reported that a net 26.5% of businesses surveyed expect better economic conditions in the coming 12 months. The result, which came in notably above September’s 13.4%, represented the first increase after seven consecutive declines. Businesses have not been this confident in three months. As a result, business confidence moved further above the 0% threshold that separates optimism from pessimism.
According to ANZ, business confidence rose in 8 of the 14 categories that compose the index. Firms’ expectations for their own activity, which is an even better predictor of economic activity, increased only marginally from 37.0 points in September to 37.8 points in October. According to ANZ, October’s print is, “consistent with solid growth, employment and investment.”