The final ANZ Business Confidence & Own Activity Outlook data for May have just been released.
The Business Confidence for May jumped sharply (less negative):
-41.8% vs -66.6% (previous survey)Firms’ Own Activity Outlook for May
jumped sharply(less negative)
:-38.7% vs -55.1% (previous survey)ANZ released preliminary numbers in mid-May. Today’s final numbers were also an improvement on the preliminary figures.A net 39% of firms expect weaker activity for their own business, still well below 2008/09 lows. The retail sector is
the most pessimistic on this front.Although we are making progress opening the economy, Business Outlook activity indicators are improving painfully
slowly. Expected profitability, investment and employment intentions, lifted but are all still deeply negative.A net 42% of firms intend to lay off staff (just over half before subtracting the positives), with retail the hardest
hit and agriculture the least.Inflation expectations were unchanged at 1.3%, sitting near the bottom of the RBNZ's 1-3% CPI target range.The NZD is little moved in immediate response
.
Current indicative levels are:NZDUSD 0.6175 / 0.6200NZDAUD 0.9325 / 0.9350NZDEUR 0.5600 / 0.5625NZDGBP 0.5030 / 0.5055NZDJPY 66.60 / 66.85