Tuesday, April 15, 2008

Retail sales slump in New Zealand

There is more evidence today of the collapse of public confidence in the economy.

Figures published by Statistics New Zealand show that retail sales slumped by a seasonally adjusted 0.7 percent in February.

The drop, which followed a 0.3-percent increase in January, came as a surprise to economists, whose median prediction for February, in a Reuters poll, had been for another increase of 0.3 percent.

SNZ said the fall in total sales was largely a result of a 5.8-percent, or $41 million, decrease in motor vehicle sales, which followed falls of 0.6 percent and 2.5 percent in January and December, respectively.

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