Business confidence slips in March

Business confidence slipped in March after rising to a decade high in February, according to the National Bank business outlook report.

Overall, a net 42.5 per cent of respondents expect an improvement in business conditions in the year ahead compared with 50.1 per cent in the February survey. The February figure was the highest reading for business confidence since 1999.

"All, bar retailing, slipped in the month, reversing last month's trend where retailing dipped, and confidence across the remaining sectors increased," the report said.

A net 38.6 per cent expected better times ahead for their own business, compared to 41.9 per cent in the February survey.

"This continues to represent a high level of confidence in terms of what matters for this economy, namely what's actually happening at the business level as opposed to the general climate, with the latter easily influenced by various anomalies from month to month," the report said.

The remainder of the survey was a mixed bag. Employment intentions were unchanged with a net 9 per cent expecting to be hiring in the year ahead.

Profit expectations slipped three points, export intentions slipped six points and residential and commercial construction intentions eased.

- NZPA