Consumer confidence still shaky: survey

Consumer confidence remains shaky. Photo / Warren Buckland.

Consumer confidence remains weak, with optimists barely outnumbering pessimists.

The monthly ANZ Roy Morgan survey rose 2 index points to 103.

"Such a movement is well within the normal monthly volatility of the survey and the underlying message is of subdued consumer confidence," said ANZ chief economist Cameron Bagrie.

A net 26 per cent of consumers feel worse off than they were a month ago. That indicator has been in negative territory for more than three years now.

Expectations of house price growth remained anaemic and had slipped from April levels, Bagrie said. "With the wealth effect not driving consumption, spending needs to come from income generation."

Statistics New Zealand's quarterly employment survey recorded a 4.6 per cent increase in average gross weekly earnings in the year to March, but inflation was 4.5 per cent in the same period.