(Bloomberg) -- New Zealand retail spending slid in the second quarter, adding to signs the economy contracted and is potentially in its third recession in...
-- New Zealand retail spending slid in the second quarter, adding to signs the economy contracted and is potentially in its third recession in less than two years.Sales volumes fell 1.2% from the first quarter, Statistics New Zealand said Friday in Wellington. Volumes per head of population dropped 1.6% to the lowest level since 2016 if the second quarter of 2020, when the economy was in a pandemic lockdown, is excluded.
“Sales have been restrained by both rising interest rates, which have squeezed the budgets of mortgaged households, and rapidly rising prices that have eaten into consumers’ purchasing power,” he said. “Both of these pressures are now starting to ease though they will likely be replaced by concerns about job security and income growth.”
Today’s report showed sales fell in industries sensitive to high borrowing costs such as electrical goods and car yards, where volumes dropped 2.7% from the prior quarter. Accommodation and hospitality spending was also on the wane.Musk Gets the Warlord Seal of Approval for the CybertruckMONTERREY, Mexico — Third-seeded Ekaterina Alexandrova of Russia beat seventh-seeded Yue Yuan of China 7-5, 7-6 on Thursday night to reach the Monterrey Open semifinals.
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