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Consumer confidence in New Zealand ticked higher during the third quarter, according to results revealed by a private survey. However, the index remained well below the series’ long-run average, as citizens remain concerned about the economy’s growth trajectory.
The Westpac-McDermott Miller consumer confidence index rose to 108.0 in the third quarter compared to 106.0 in the previous quarter. A reading above 100 indicates more optimists than pessimists. The Westpac consumer confidence index measures overall optimism in New Zealand’s economy, including personal finances and economic expectations.
Further, the index measuring expected conditions improved markedly in the third quarter, rising to 107.2 from 103.3. The present condition index fell to 109.2 from 110.0 in the second quarter. A net 1.8 percent of the 1,559 people surveyed expect the economic outlook to improve over the coming year, compared to a net 1.3 percent seeing a deterioration in the June quarter, while a net 15 percent see better times over a five-year horizon, up from 7.2 percent three months earlier.
"The strengthening in economic conditions has been rippling through the household sector. Employment is up, with business surveys showing a 2.8 percent increase the number of full-time equivalent employees over the past year," Westpac commented in its recently released report.
Policymakers are keen to review the Reserve Bank of New Zealand’s monetary policy decision, scheduled to be released on Sep 22, where it is expected that the central bank will lower its official cash rate by 25 basis points to a new record low of 2 percent, to fight deflation
Meanwhile, at 3:30 GMT, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 1-1/2 basis points to 2.178 percent, the yield on long-term 15-year note climbed more than 1 basis point to 2.559 percent and the yield on short-term 2-year jumped 4 basis points to 1.623 percent, while the benchmark Australia's S&P/ASX 200 index traded 0.06 percent higher to 5,279.5.
