The New Zealand Treasury noted that.....>

NEW ZEALAND: The New Zealand Treasury noted that "activity indicators from the

BNZ-BusinessNZ Performance of Manufacturing and Services Indexes rebounded into

expansionary territory in the June month results, although employment indicators

remain in contractionary territory, signalling a continued softness in the

labour market. Credit card spending data supports the view that household

spending has been more resilient than expected in the Budget Update, and dairy

prices remain elevated prompting Fonterra to lift their milk price forecast for

the 2021 dairy season...The experimental weekly paid jobs series from Stats NZ

suggests employment continued to hold up in June. For the week ended 21 June,

the most accurate measure showed the total number of paid jobs up 4.5% on the

same week in 2019. At the industry level, paid jobs in the primary industries

were up 10.1% on last year, goods-producing jobs were up 2.5%, and services jobs

were up 3.1% on 2019 after falling by around 80,000 between March and April

2020...High-frequency activity indicators continued to hold steady during the

third week of July. In the week ending 19 July, electricity demand was 3% above

2019 levels and weekly card spending was up 1.5% on last year."