COMMENT:

Mixed results from the country's retailers last week may cool expectations for a rapid turnaround from the Reserve Bank's pre-emptive 50-point rate cut this month.

Growth in the economy is slowing – not falling off a cliff. But household spending looks to have flattened off or fallen in recent months, potentially compounding the slowdown already evident in international tourist arrivals, declining net migration and now manufacturing.

After double-digit growth in late 2018, electronics retailer JB HI-FI last week said same-store sales growth in New Zealand was down to 1.9 per cent in the June quarter and then fell 0.3

Advertisement
Advertisement