Weak Retail Spending but Migration Improving
We have learnt very little that is new about the New Zealand economy over the past week. On Friday we got confirmation of weakness in retail spending although the 0.7% decline in the seasonally adjusted volume of spending excluding the automotive sectors was slightly better than expected.
Widespread Expectations of Price Declines
This week the quarterly Housing Intentions survey by ASB indicated that more people are starting to feel it is a good time to buy a house but it seems only because they believe there could be lots of bargains out there.
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