11 Aug 2011

Consumer confidence 'improving'

3:16 pm on 11 August 2011

Consumer confidence in New Zealand is rising despite two weeks of depressing economic news from overseas.

The ANZ-Roy Morgan monthly index of sentiment completed last week stands at 112.5, nine points up on the previous month.

A reading above 100 shows optimism, and a reading below indicates pessimism.

ANZ's head of market economics Khoon Goh says New Zealanders are happy with where the local economy is going, despite concerns about sovereign debt in the United States and Europe.

Mr Goh says consumers in rural areas were most confident, but many are still pessimistic about the state of the economy and their financial position.