New Zealand ANZ Business Confidence rose to -15.7 in October, up from September’s -28.5. That’s slightly below October’s preliminary reading of -14.5. Confidence was best in construction at 12.5 and worst in agriculture at -50.0. Own Activity outlook turned positive to 4.7, up from -5.4. Activity was positive in all (including retail, manufacturing, construction and services), except agriculture at -4.0.
ANZ said: “There was a mix of ups and downs – it’s no longer true to say that business activity and sentiment indicators are bouncing strongly across the board. We do expect businesses to face some tougher times as the cushioning impact of the wage subsidy fades, but our best guess is that it’ll take at least a month or two to be felt. For now, the levels are encouragingly robust, on the whole.”
