New Zealand ANZ business confidence dropped further to -23.2 in December, down from November’s -16.4. Own activity outlook dropped from 15.0 to 11.8. Export intentions dropped from 9.5 to 8.8. Investment intentions dropped from 16.3 to 11.4. Employment intentions dropped from 15.8 to 10.5. Pricing intentions dropped from 66.5 to 63.6. Inflation expectations rose further from 4.24% to 4.42%.
ANZ said: “Unfortunately the cloud of uncertainty that hangs over 2022 is not a great deal smaller, nor fluffier… Labour shortages and cost pressures rank high in firms’ list of concerns, and freight disruptions are getting worse… But having trouble meeting demand is probably a better problem to have than not having enough demand.
