Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ retail sales unexpected fall in 3Q; kiwi dollar drops

NZ retail sales unexpected fall in third quarter; kiwi dollar drops

Nov. 14 (BusinessDesk) – New Zealand retail sales volumes unexpectedly fell in the third quarter, led by supermarkets and motor vehicles, sending the kiwi dollar lower on speculation the economy is weak enough to warrant a rate cut from the Reserve Bank next month.

The volume of retail sales fell 0.4 percent, seasonally adjusted, in the three months ended Sept. 30, for a 2.1 percent gain from a year earlier, according to Statistics New Zealand. A quarterly gain of 0.5 percent was forecast in a Reuters survey, for an annual increase of 2.9 percent.

The third quarter retail sales data comes after figures showed the jobless rate unexpectedly jumped to 7.3 percent, suggesting the economy’s pace is stumbling. Reserve Bank governor Graeme Wheeler has said he has room to cut interest rates if needed and his next review is on Dec. 6. Markets were pricing in a 24 percent chance of a cut to the official cash rate next month.

The kiwi dollar dropped to 81.54 US cents after the numbers, from 81.91 cents immediately before the report was released.

Nine of the 15 retail industries had lower sales volumes in the latest quarter. Excluding auto-related categories, retail sales volumes were down 0.3 percent. The value of sales fell 0.8 percent.

Supermarket and grocery store sales fell 1.5 percent, accommodation was down 3.2 percent and motor vehicles and auto parts fell 0.9 percent.

Hardware, building and garden supplies recorded the biggest gain, up 4.2 percent, which the government statistician said reflected increased sales in Canterbury.

The value of sales in the North Island fell 0.4 percent in the latest quarter while South Island sales rose 0.7 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news