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


NZ dollar falls as retail sales point to weak economy

NZ dollar falls as retail sales point to weak economy in third quarter

Nov. 14 (BusinessDesk) – The New Zealand dollar fell against most of its trading peers after figures showed a drop in third-quarter retail sales, adding to weak employment numbers in suggesting the economy hit a pothole in the period.

The kiwi dollar traded at 81.69 US cents from 81.88 cents at 8am in Wellington and from 81.66 cents in late trading the previous day. The trade-weighted index fell to 73.12 from 73.37 this morning.

Government figures today showed the volume of retail sales fell 0.4 percent, seasonally adjusted, in the three months ended Sept. 30, against a Reuters survey calling for a 0.5 percent gain. That adds to the gloom from data last week showing the jobless rate unexpectedly jumped to 7.3 percent, suggesting the economy’s pace is stumbling.

Retail sales were “more evidence that the third quarter of this year was a soft patch for the New Zealand economy,” said Imre Speizer, senior markets strategist at Westpac Banking Corp.

More up-to-date data, including business sentiment, suggests the economy sped up again in the fourth quarter, Speizer said.

The kiwi dollar fell to 78.15 Australian cents from 78.45 cents. It didn’t move much after Australia’s wage cost index for the third quarter rose 0.7 percent, close to market expectations of a 0.8 percent gain, for a year-on-year gain of 3.7 percent.

Speizer said the figures did show some evidence that wage inflation is starting to slow in the mining sector.

The New Zealand dollar fell to 64.95 yen from 65.09 yen and fell to 64.21 euro cents from 64.47 cents. It fell to 51.41 British pence from 51.62 pence.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Hepatitis A Link: Increased Surveillance Of Imported Frozen Berries

The Ministry for Primary Industries (MPI) Director General has issued a statement warning of a potential risk associated with imported frozen berries following four human cases of Hepatitis A thought to be linked to packaged imported frozen berries. More>>


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news