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New Zealand consumer confidence drops to 106.0 in Q3, says survey

Consumer confidence in New Zealand fell to its lowest level in three years in the third quarter, a survey showed on Monday.

The Westpac-McDermott Miller consumer confidence index dropped to 106.0 from 113.0 in the previous quarter. A reading above 100 indicates more optimists than pessimists.

The survey indicated that consumers were much less optimistic for the wider economy, following interest rate cuts, lower dairy prices and concerns about a hard landing for the economy of China, New Zealand’s largest trading partner.

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(Source: The Business Times)