The run of contradictory economic data continues, with electronic card transactions showing a jump in January.
The total value of electronic transactions rose 1% for the month, following a drop of 0.1% in December and a larger decline of 0.3% in November.
The January rise is across all retail industries and is also double the consensus market forecast of a rise of 0.5%.
The electronic cards data is used as a proxy for retail sales data and is seen as a key indicator in how the domestic economy is performing. In the core retail group - which excludes the always-volatile the value of transactions rose 1.0%, with the main contributors being apparel (up 2.1%) and consumables (up 0.5%).
Today's electronic card transactions data follows employment data released yesterday which showed an improvement in the unemployment rate (down from 6.6% to 6.3%) but lower hours worked and, in particular, a massive 20.6% drop in the retail, accommodation and food services areas.
That data though was for the December quarter, while today's release by Statistics New Zealand was for the month of January.
The December drop in employment also came off a "spike" the previous quarter, mostly in the Auckland area, which appears to have been Rugby World Cup related.
Today's more recent data - which is, because it is a record of actual transactions rather than, as with the employment data, taken from a survey - is perhaps a bit more robust.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Tim Hunter on why Veritas is doing it the hard way
- Matthew Hooton on whether Steven Joyce will be the next national leader
- Rodney Hide on why all city planners should be fired
- Nevil Gibson discusses his latest Editor's Insight on films
- The NBR crew throw around some of the week's top stories
- Rob Hosking breaks down the political and economic week that was
- "A tragedy" - David Farrar on his disappointment with Simon Bridges
- New F&P product pipeline exciting, says Macquarie senior investment adviser Brad Gordon
- Taupo Motorsport Park executive director Tony Walker on the park's rebranding
- NZIER senior economist Christina Leung on why she does not think the OCR will hit 2%
- NBR's Cameron Officer talks about the NBR Car of the Year 2015
- John Barnett on Brewer: ‘Boy, has he got a bit to learn’