New Zealand Consumer Confidence Retracts From 7-Year High




New Zealand's consumer confidence dropped modestly in February from January's seven-year high, but remained well above the trend, data from a survey showed Thursday. The ANZ-Roy Morgan consumer confidence index dropped to 133 in February from 135.8 in January, which was the highest score in seven years. Confidence is spreading to all parts of the country. The current conditions sub-index eased 3 points to 127 during February. The future conditions index also shed 3 points and reached a score of 137.1 "It's now well flagged that interest rates are set to move up - a typical bug-bear for sentiment," ANZ said. However, rising asset prices, improving labor market conditions and reasonable income growth will continue to bode well for consumer confidence. Meanwhile, the seasonally adjusted estimate showed that consumer sentiment increased modestly in February, and reached the highest level in seven years.


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