New Zealand data much improved. Quarterly Survey of Business Opinion (QSBO) from the New Zealand Institute of Economic Research (NZIER). Link to more here. In summary:
Business confidence comes in at -1% in Q3
Net 5% expect a deterioration in general economic conditions over the coming months
- prior was 40% expecting deterioration
Firms’ own trading activity, net 31% reporting a decline in activity in their own business in Q3, but only net 2% are expecting weaker activity in Q4.
On inflation pressure:
- slight increase in the proportion of firms reporting higher costs in Q3
- only a net 3% of firms were able to raise prices to pass on costs (from 23% in Q2)
- “The change in firms’ price-setting behaviour was highlighted by the RBNZ as a key factor providing them the comfort that inflation was easing enough to warrant them in commencing an easing cycle in the OCR.
On the employment front:
- easing in capacity pressures
- significant proportions of firms now reporting it easy to find skilled and unskilled labour
- Many firms also reduced their staff numbers in the September quarter
- results point to increased slack in the labour market
—
The QSBO is a closely-watched survey:
- is one of the country’s longest-running business surveys. It provides a insights into the business climate and economic conditions in New Zealand, and the factors influencing business sentiment, such as domestic and international economic conditions, government policies, and other external events.
- surveys businesses across various sectors
- gathers data on business confidence, demand, hiring intentions, investment plans, and other economic indicators
- QSBO findings can vary significantly from one quarter to another
