New Zealand retail sales fell in the 3Q from the previous quarter, bucking market expectations for a rise amid across-the-board weakness in the retailing industry. Statistics New Zealand says the volume of real retail sales fell 0.4% in 3Q vs 2Q; when price changes are included, 3Q sales fell 0.8% vs 2Q. Economists were expecting a rise of 0.5% in both series. This is further bad news for the Reserve Bank of New Zealand which was already having to balance upward pressure in the housing market against the highest unemployment level in 13 years and inflation below its target band.
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