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Economics
3 mins to read

Retail and manufacturing slump another sign of earlier rate cut

The manufacturing sector has been in contraction for 15 months, while households quit buying luxury items.

Retail spending using electronic cards fell by $40 million in June.

Jonathan Mitchell Fri, 12 Jul 2024

A further slump in retail spending and manufacturing activity backs up growing momentum for a rate cut in November.

Statistics NZ data out today showed retail spending using electronic cards fell by $40 million in June, compared with May. There were broad falls, including on fuel, clothing, items

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Jonathan Mitchell Fri, 12 Jul 2024
Contact the Writer: jmitchell@nbr.co.nz
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Tags
Stats NZ electronic card spending manufacturing BNZ PMI index Westpac Satish Ranchhod RBNZ OCR inflation interest rates ANZ Sharon Zollner Salt Funds Management Bevan Graham
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