New Zealand business forecasts and demand weakened in the quarter, Reuters reported
[ad_1]
WELLINGTON (Reuters) – Confidence and demand from New Zealand companies fell in the fourth quarter of last year as COVID-19 was extended, a private statement said on Tuesday.
28.0% of the companies surveyed expected general business conditions to deteriorate compared to 11% of pessimism in the previous quarter, according to the New Zealand Institute of Economic Research (NZIER) quarterly business opinion poll (QSBO).
By season, 34.0% expected business conditions to deteriorate compared to the 11.0% pessimism recorded in the previous period. The capacity utilization of the survey fell to 89.5% from 96.1% in the previous quarter.
Acute labor shortages caused by the pandemic cuts are driving up wage growth, which is increasing business costs, NZIER said in a report.
A net 61% increase in costs in December, the highest level since June 2008, he said.
Inflationary pressures are accelerating, the report said, with the central bank suggesting that monetary policy continue to tighten.
The Central Bank of New Zealand raised interest rates for the second month in a row in November, monitoring rising consumer prices and warning of further rises.
Fusion Media or anyone involved with Fusion Media will not be held liable for any loss or damage as a result of relying on the information contained in the data, estimates, charts and buy / sell signals contained in this website. Please be informed that one of the most risky forms of investment possible is the full information on the risks and costs associated with trading in the financial markets.
[ad_2]
Source link
