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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World WRAPUP 1-New Zealand retail sales back slow pace of rate rises Reuters - Wednesday, July 14 Send IM Story Print * Retail sales up by less than expected, core sales down * House prices up slightly, but sales down * No hurdle to rate rise this month By Mantik Kusjanto WELLINGTON, July 14 - New Zealand's core retail sales fell in May and the housing market weakened, reinforcing the view of a faltering economic recovery that has prompted markets to price in a slower rise in central bank interest rates. Seasonally adjusted retail sales rose 0.4 percent in May, but they fell 0.2 percent when car sales were excluded, marking the second straight month that the core figure had fallen, data showed on Wednesday. Both figures were below a Reuters poll median forecast for rises of 0.6 percent. The Real Estate Institute of New Zealand said house sales in June fell from May and from a year earlier as house prices rose. "Domestic demand is still very subdued. That leaves the central bank in the position to be able to take policy back to normal at a glacial pace if it chooses to," said Deutsche Bank chief economist Darren Gibbs. Financial market reaction was muted as the data did not significantly change the market's view on the rates outlook. "It's another indicator consistent with a slow and disappointing recovery. Almost to the extent that the volume picture looks like it may not have much growth at all," said Bank of New Zealand senior economist Craig Ebert. The New Zealand dollar <NZD=> settled at $0.7176 after the data from $0.7195 before the data. Interest rate futures <0#NBB:> trimmed earlier losses by a couple of basis points. Last month, the Reserve Bank of New Zealand lifted rates by a quarter percentage point to 2.75 percent from the record low level set to help the economy through recession. Financial markets have priced in an 86 percent chance of another rate rise on July 29 <CSRBNZ=CSAU>, up from 76 percent earlier this month, to reflect expectations the central bank will continue to normalise interest rates. Markets have priced in 131 basis points of tightening in the next 12 months <CSRBNZ1Y=CSAU>, down from 215 basis points in early May. UNEVEN ECONOMY The economy grew in the fourth quarter of 2009 at its fastest pace in two years, but the pace of expansion slowed slightly in the first quarter of 2010. The latest retail sales figures showed motor vehicle and appliance sales were higher and offset lower spending on fuel, accommodation, cafes and restaurants. Surveys have shown consumers confident but cautious with spending and still looking to reduce high debt built up in the previous housing boom and reflected in a prolonged fall in consumer-related borrowings. Business confidence has also slipped to a one-year low. However, analysts said the recovery is unlikely to stall because export demand from Australia and China -- New Zealand's key trading partners, is strong. "The fundamental argument of growth is still pretty sound," said UBS senior economist Robin Clements. The growth will prompt the central bank to raise its policy rate to 3.75 percent by the end of 2010, a Reuters poll shows, and to around 4.25 percent by March next year. [NZ/POLL] The REINZ said house sales fell 12.1 percent from May and were 24.3 percent lower than a year ago, while the house price index increased 0.6 percent on the previous month and was 4.2 percent higher than a year earlier. "This should set the scene for an ongoing lacklustre domestic recovery, particularly with regard to consumer spending," said Goldman Sachs JBWere economist Philip Borkin. The housing market has cooled after the government introduced new measures to tighten tax loopholes for investment properties and home loans become more expensive. The prospect for a pick up in retailing was also dented as electronic card sales, a partial indicator of retail activity, rose only 0.4 percent in June and in May. (Additional reporting by Gyles Beckford and Adrian Bathgate; Editing by Neil Fullick) Recommend Send IM Story Print Related Articles Supercar Driving Tours Forbes - 19 minutes ago Your Well-Being Is A Serious Business Matter Forbes - 25 minutes ago Women's World Banking Brings Credit To The Third World Forbes - 25 minutes ago Apps That Change The World Forbes - 25 minutes ago Asia's Up-And-Coming Financial Centers Forbes - 25 minutes ago News Search Top Stories US trade deficit widens to 18-month high Obama vows to cut HIV cases with new AIDS strategy Mel Gibson takes aim at Hispanics in fresh rant 'Barefoot bandit' deported back to the US Yankees owner Steinbrenner dies More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Mel Gibson takes aim at Hispanics in fresh rant 'Abducted' Iran scientist surfaces in US US scientists create cloth that can listen Italian police arrest 300 in major blow to Calabrian mafia US trade deficit widens to 18-month high More Most Viewed » Reclusive top mathematician turns down prize, again Germany's 'Octopus oracle' keeps perfect record Amputee cat gets bionic legs Fans gather for Michael Jackson death anniversary Who's right - the dolphin or the octopus? 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