New Zealand ANZ Business Confidence dropped to -41.8 in August, down from July’s -31.8, but was revised slightly up from Aug preliminary reading of -42.4. Confidence is particularly weak in agriculture at -80.6, with services at -43.3, retail at -33.3, manufacturing at -37.3, and construction at -16.1.
Own activity outlook also dropped back to -17.5, down form July’s -8.9, worse than preliminary reading of -17.0. Retail was worst at -27.5, followed by agriculture at -22.6, manufacturing at -19.4, services at -13.9 and construction at -12.1.
ANZ added, “The recent re-emergence of COVID-19 is disheartening, and has taken a real toll on businesses, particularly in Auckland. However, it appears that firms are looking through it to some extent, in that intentions and expectations saw relatively modest falls compared to the first half of the month.”
