New Zealand consumer confidence falls in November: ANZ survey

[WELLINGTON] Consumer confidence in New Zealand slipped in November as a slowing housing market and political uncertainty dampenened optimism, a survey showed on Thursday.

The ANZ-Roy Morgan consumer confidence index eased to 123.7 from 126.3 in the previous month. A reading above 100 shows optimism, while a level below that indicates pessimism.

"It (the economy) grapples with headwinds from the soft housing market, late cycle capacity pressures and the uncertainty that political change can bring," said Philip Borkin, senior economist at ANZ, in a research note.

Following a national election, New Zealand now has a leftwing Labour government after almost a decade of centre-right rule.

REUTERS