Card spending for February, data was out at 2145GMT, just a catch-up

  • Retail card spending -0.3% m/m, for a miss on the expected of +0.1% and below the prior of +1.4%. This is the first fall for this in 6 months.
  • Total, +0.1%, prior +0.5%, revised from +0.6% m/m

Core spending up 0.3% m/m

I think the 'mixed bag' metaphor might be appropriate here.

  • Retail sales down,
  • core retail up,
  • total up.

Overall not a bad result I reckon ... but still, the fall in 'retail' niggles.

The NZ economy is powering along, not quite at the pace it has been, but its still the envy of many.

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This is the major indicator used for reatail sales in NZ

  • Electronic card spending accounts for around 68% of core retail sales in New Zealand