Business Confidence plunges

Business confidence plunges – 11 Jul 2007 – NZ Herald: New Zealand National news

It looks like the government is set for another winter of discontent as business confidence in the economy plunges.

Rising interest rates, higher petrol prices and a sky-high dollar are all contributing to the more than doubling of pessimists in the latest survey by the NZ Institute of Economic Research quarterly survey.

A net 37 per cent of businesses expect the general business situation to worsen over the next six months compared with a net 15 per cent pessimistic in the March survey.

More bad news for the reserve bank also, in that a net 35 per cent intend to raise prices, which is well above the 18 per cent average during the past ten years. Expect the fools to raise interest rates yet again.

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