Business confidence has rebounded in November and “it appears the vibe is changing”, says ANZ chief economist Sharon Zollner.
The latest ANZ Business Outlook Survey is much stronger across the board, offering further signs that the current economic slowdown may be reaching its trough.
Headline business confidence jumped 16 points to a net 26 per cent of respondents reporting that they expect general business conditions to deteriorate in the year ahead.
Firms’ expectations for their own activity over the year ahead – considered a better economic indicator than topline confidence – rose 17 points to +13.
“The improvement in the ANZ Business Outlook survey this month was broad and consistent,” Zollner says.
“The significant easing in both interest rates and the exchange rate is clearly working its way through the economy, and the remarkable resilience of New Zealand’s commodity prices is providing an invaluable buffer to the world’s woes.”
