There was a notably widespread downturn across therange of activity indicators for the New Zealand economy inApril, which we suggested at the time could be a temporaryblip caused by the close timing of the Easter and AnzacDay holidays this year. With an extra month of data nowavailable, the evidence for that theory is supportive, but notdecisive. While there was some holiday effect in April, italso seems plausible that there’s been a genuine slowing inthe economy’s momentum over the last few months.
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