Retail and manufacturing slump another sign of earlier rate cut
The manufacturing sector has been in contraction for 15 months, while households quit buying luxury items.
Retail spending using electronic cards fell by $40 million in June.
A further slump in retail spending and manufacturing activity backs up growing momentum for a rate cut in November.
Statistics NZ data out today showed retail spending using electronic cards fell by $40 million in June, compared with May. There were broad falls, including on fuel, clothing, items
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