New Zealand business sentiment worst since 1961: survey

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New Zealand business sentiment worst since 1961: survey

STORY: New Zealand business sentiment worst since 1961: survey DATELINE: Jan. 20, 2023 LENGTH: 00:02:05 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of traffic, office buildings, companies, manufacturing and products in market in New Zealand STORYLINE: New Zealand companies have shown "the weakest" confidence since 1961 as they prepare for tough times ahead due to deteriorating labor shortage and hiking interest rates. The latest New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion, which was published on Tuesday, showed a deterioration in business sentiment and activity. A net 73 percent of businesses expect general economic conditions to deteriorate over the coming months, the weakest over the survey's history, according to the survey conducted from Nov. 28, 2022 to Jan. 9, 2023. The survey reflected the effects of the more stringent monetary policy in November when the Reserve Bank of New Zealand indicated that it would take interest rates higher than

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