New Zealand [business][1] confidence strengthened in June largely reflecting steady progress out of the coronavirus lockdown, preliminary survey data from ANZ showed Tuesday.
The business confidence index rose 9 points to -33 percent in June.
All forward-looking activity indicators advanced from May levels but they remained extremely weak. The own activity index climbed to -29.1 percent in June from -38.7 percent in May.
A net 22 percent of firms expect to reduce investment, a net 51 percent expect lower profits, and a net 18 percent expect lower capacity utilization.
A net 37 percent of firms expect to cut jobs. This was an improvement of 5 points, but it largely reflects that many firms have already acted.
Further, the survey showed that expected costs were increasing only slowly, pricing intentions were only just back in the black, and one- year-ahead inflation expectations were at just 1.35 percent.
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