ASB is surprised by a drop in business confidence
ASB is surprised by a drop in business confidence
2 July 2019
NZIER's latest Business Opinion survey has confidence at its lowest level in more than 10 years, with 30-percent expecting a deterioration in economic activity.
ASB now anticipates the Reserve Bank will cut the Official Cash Rate twice more, in August and November, bringing it to 1-percent.
Economist, Jane Turner, says the second quarter of this year is economically much weaker than expected.
She says they were looking for signs that the economic momentum would improve, but it has deteriorated.
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