This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
Consumer spending in New Zealand slowed down in the third quarter as retail sales fell more than expected. Official data from Statistics New Zealand showed that retail sales were flat in the three months ending September 2018.
The data fell short of the market expectations which forecast an increase of 1.0% on the quarter. The weaker than expected report briefly pushed the Kiwi down to a 12-day low.
On a seasonally adjusted basis which excludes the effects of fuel prices, retail sales rose by 2.7% on a volume basis on an annual rate. Another measure of retail sales, the core retail sales rose 0.4% on the quarter, which was again below estimates of a 1.5% increase.
Sue Chapman retail statistics manager at Statistics New Zealand said, “The rise in fuel sales was offset by falls in the food and beverage and the vehicle industries this quarter.”
Compared to the previous quarter, both headline and core retail ...
To keep reading this article, please navigate to: Orbex Forex Trading Blog.