NZ consumer confidence down in Q1: survey

[WELLINGTON] Consumer confidence in New Zealand edged down in the first quarter, a survey showed on Monday, as households reacted to troubles with the global economy.

The Westpac-McDermott Miller consumer confidence index fell to 109.6 from 110.7 in the previous quarter. A reading above 100 indicates more optimists than pessimists.

"It's not surprising that there's been some pull back in confidence in recent months, Satish Ranchhod, senior economist at Westpac, said in a research note.

"Much of this was related to signs that conditions in the global economy have deteriorated, signalling tougher times ahead for many in the export sector."

REUTERS