We’ve received almost no fresh information on the state of the NZ economy this week beyond the ElectronicCard Transactions data yesterday and the REINZ monthly dwelling sales data. The former show that inJanuary core retail spending in seasonally adjusted terms fell by 0.8% after rising by the same amount inDecember. Smoothing over the past three months we get an annualised pace of growth of 7.6% which isquite healthy but boosted hugely by the short-lived 2.6% surge in core retail spending in October.
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