Two sets of survey results released today show an increasing confidence in the economy - this afternoon's BNZ Confidence Survey shows a majority of respondents are optimistic about the future for the first time in months adding to similar sentiments shown in a UMR Research survey this morning. 

The BNZ survey results, released this afternoon, found that 56% of respondents felt the economy would improve over the coming year, compared to 42% in August and a tiny 15% in July.

The findings were mirrored in another survey unveiled today, with UMR Research finding that the proportion of people concerned about the impact of the global recession on the New Zealand economy had fallen to 61% in August, after reaching a high of 72% in June.

The BNZ confidence survey found widespread positive comments regarding more customers coming through the door, although it warned of weakness in many areas, including agricultural servicing, tourism and advertising.

The motor vehicle industry was also highlighted as an area of potential weakness, although Statistics NZ information, also released today, found that the motor vehicle wholesale trade was up for the first time in nearly two years.

The BNZ survey found that there was an upturn in the retail sector, although it was “quite muted”, while there were some “increasingly positive signs” in the manufacturing sector, but these were not widespread yet.

There were also signs of life in the legal, architectural and construction industries, according to the survey.