New Zealand ANZ Business Confidence improved to -66.6 in April, up from preliminary reading of -73.1, while down from March reading of -63.5. All sectors are deep in negative with retail at -70.7, manufacturing at -65.3, agriculture at -89.7, construction at -71.8 and services at -60.3. Activity Outlook also improved slightly to -55.1, up from preliminary reading of -43.6, but down from March’s -26.7. All sectors are also deep in negative with retail at -67.2, manufacturing at -52.7, agriculture at -44.8, construction at -57.9, and services at -52.4.
ANZ said, “a glimmer of light at the end of the tunnel emerged over the month, with the country making solid progress in its COVID-19 battle”. However, “the levels of most indicators remain at levels that were frankly unthinkable before COVID-19 reached our shores. Businesses are really hurting. And it’s not just expectations. The proportion of firms that have already seen lower activity and have let staff go continues to rise. That will clearly remain a theme for some time.
