New Zealand: Consumer confidence virtually unchanged in May
The ANZ-Roy Morgan consumer confidence indicator dipped to 79.2 in May from 79.3 in April. Therefore, the index remained entrenched below the 100-threshold that separates optimism from pessimism among consumers.
In May, households’ expectation over their financial situation in 12 months view worsened, while their expectations over the general economic situations in five years view improved.
Commenting on the release, Sharon Zollner, chief economist at ANZ, stated:
“Consumers remain under pressure. While the labour market remains tight, conferring both a high degree of job security and strong wage growth, ongoing cost of living increases, including higher mortgage rates for the 38% of households who have a mortgage, continue to bite. Uncertainty is no doubt also taking a toll, with the RBNZ still attempting to cool the economy in order to bring inflation sustainably lower.”