ONLY CHARTS #610

NZ consumer spending, NZ motor vehicle registrations, NZ housing prices & turnover, US CPI, China data dump

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1. Nominal domestic spending using debit and credit cards in New Zealand declined 1.2% m/m in June (ex fuel fell by the same amount).

‘Core’ retail spending fell 1.5% m/m, with durables (-3.9% m/m), apparel (-2.2% m/m) and hospitality (-1.9% m/m) spending the weakest categories.

2. Kiwi’s card-based spending rose +0.5% q/q in Q2 but grew just +0.1% q/q excluding fuel purchases. ‘Core’ retail spending also rose just +0.1% q/q.