FINWIRES · TerminalLIVE
FINWIRES

New Zealand Electronic Card Spending Rises in March

By

New Zealand's electronic card spending rose 1.3% month over month to NZ$9.85 billion in March on a seasonally-adjusted basis, matching the 1.3% increase recorded in the previous month, according to data from Stats NZ on Friday.

Retail spending rose 0.7% to NZ$7.08 billion, following a 1.4% increase in February.

Core retail spending, which comprises consumables, durables, hospitality, and apparel, fell 0.1% to NZ$6.36 billion, following a 1.7% increase in the previous month.

Services spending via electronic cards rose 0.1% to NZ$400 million, compared with a 0.4% decrease in the prior month. Excluding services, spending in non-retail industries rose 2.5% to NZ$2.39 billion, following a 2% increase in the previous month.

Related Articles

International

Employment Growth Trend in Australia Was Positive Before Middle East Conflict Started, Westpac Says

The March labor force data in Australia was broadly in line with expectations, and the trend for employment growth was turning more positive before the onset of the Middle East conflict, Westpac said in a note on Thursday.The lender cautioned that it is too early to expect flow-on effects from the Middle East conflict or from recent interest rate rises to be appearing in labor market measures. The data instead gives a picture of the starting point for the labor market before these forces impact.Australia's seasonally adjusted unemployment rate remained at 4.3% in March, unchanged from the previous month, data from the Australian Bureau of Statistics showed. The total number of employed people increased by 17,900, bringing the total to 14.8 million. Westpac's forecast for employment was 25,000.The data provided clarity that lower unemployment rates around the turn of the year were a result of temporarily weaker participation, not a sustained re-tightening, per the note.The bank's baseline forecast assumes an eight-week closure of the Strait of Hormuz and a gradual recovery in shipping and transit afterwards. In such a case, trimmed mean inflation is expected to peak at around 4% on an annual basis in the second half, and the central bank is expected deliver three more rate hikes in May, June, and August.The labor market is likely to be a "lagging indicator" of the economy, and any flow-through from higher fuel prices or global uncertainty is more likely to show up later in the year, Westpac added. It forecast the unemployment rate to lift to a quarter-average of 4.9% and stay around that level over 2027 as interest rate rises impact.

ASX 200
International

China's Economy Expands 5% in Q1

China's gross domestic product in the first quarter rose 5%, according to Thursday data from the National Bureau of Statistics.The official data beat the 4.8% growth forecasted by Reuters-surveyed analysts.The data was attributed to an acceleration in the growth of the country's production and supply and improving market demand, as well as a rebound in market prices and stable employment.

Shanghai Composite^SZSE
International

China Logs 1.7% Rise in Q1 Fixed Asset Investment

China's fixed asset investment rose 1.7% year over year to 10.3 trillion yuan in the first three months of the year.Private fixed asset investment decreased 2.2%, according to a Thursday news release by the National Bureau of Statistics.Industrial investment climbed 5.8%, while infrastructure investment increased 8.9%.On a monthly basis, fixed asset investment, excluding rural households, increased 0.5% in March.

Shanghai Composite^SZSE