InfoAnda - NZ retail sales fall in January, more rate cuts

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: NZ retail sales fall in January, more rate cuts Reuters - Friday, March 13 * Retail sales down 1.1 pct, pointing to further rate cuts ADVERTISEMENT * Vehicle sales slump 11 pct WELLINGTON, March 13 - New Zealand retail sales fell in January as consumers kept their wallets shut amid recession and rising unemployment, backing views the central bank will continue to lower borrowing costs. Seasonally adjusted retail sales values fell 1.1 percent on the previous month, official data showed on Friday, compared with a Reuters poll predicting no change. "The data doesn't stop the RBNZ (Reserve Bank of New Zealand) easing further, it probably just leaves them intact, with probably some more easing to go, while waiting to see whether the news gets better or worse," said UBS senior economist Robin Clements. The New Zealand dollar <NZD=> softened around 10 points to $0.5205/10 after the data. The yield on the June bank bill contract <NBBM9> eased a tick to 2.99 percent compared with the 3 percent official cash rate. New Zealand consumers struggled last year in the face of high interest rates, a stalled housing market, and rising food and fuel costs. The global financial turmoil has since exacerbated a domestic recession, with job losses rising and wage growth weakening. The Reserve Bank of New Zealand has responded by cutting the official cash rate by a total of 525 basis points since last July to a record low 3 percent. Governor Alan Bollard repeated on Friday that the central bank will be more cautious about future cuts, with little room to go below 2.5 percent. A Reuters poll shows an expectation of a a further 25 basis points at its April 30 review. Friday's data showed the value of January core retail sales, excluding autos, rose 0.3 percent, in line with economists' expectations in the Reuters poll. Vehicle sales slumped to 11-year lows last month, and a fall in the New Zealand dollar <=NZD> had led retailers to run sales promotions before price rises for imported items. The retail sales figures confirmed evidence from retailers of weaker conditions over the period. Warehouse Group Ltd <WHS.NZ>, the biggest retailer, reported on Thursday a 24 percent fall in its first-half profit on lower sales and one-off costs, and said it expected a challenging retail environment to impact its full year result. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Hong Kong investors sue Lehman over 'minibonds'AP - 2 hours 58 minutes ago TABLE-Japan revised Jan industrial output -10.2 pct m/mReuters - Friday, March 13 Indian shares rise 2.8 pct on strong global cuesReuters - Friday, March 13 Matrix receives USFDA tentative nod for HIV drugReuters - Friday, March 13 Oil slips below $47 as investors eye OPEC meetingAP - Friday, March 13 Most Popular – Business Viewed For sale: nagging wife, very high maintenance Global airlines warn of stormy 2009 Chimp used planning skills to attack humans Space junk sparks crew scare on ISS German industrial slump stuns analysts View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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