New Zealand Business Confidence Jumps to Net 40% in September Quarter

New Zealand business confidence rebounded strongly in the September quarter, though a gap remains between forward optimism and current trading activity. According to the NZIER Quarterly Survey of Business Opinion, a net 40% of firms expect economic conditions to improve, up from net 14% in June. Sector optimism was led by retail at a net 57% and building at a net 46%. However, past domestic trading activity slipped to a net -1%. Forward hiring intentions rose to a net +23%, while expected selling prices cooled to +45% from +51%, reducing pressure on the central bank.