The strong retail spending figures has left market observers questioning how they got it so wrong
The strong retail spending figures has left market observers questioning how they got it so wrong
23 August 2018
Retail sales volume rose 1.1 percent in the three months to June, surprising the market expecting a lift of just 0.3 percent.
BNZ says the monthly electronic card transactions data they rely on, showed a slow down.
But senior economist Doug Steel says for the second quarter in a row, it failed miserably in picking the retail trade survey outcome.
He says assessment of the economy has had a beating over the last few months, with business confidence very weak.
Steel says it's encouraging to get a hard number coming in like retail sales that's suggesting growth is continuing.
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