New Zealand building approvals data shows a huge drop on the month, terrible numbers

<p>Building permits data from New Zealand for November 2023 came in at -10.6% m/m</p><ul><li>prior +8.5%</li></ul><p>While this is an ugly data point the thing about building consents is that the m/m can be very volatile. The "lumpiness" comes from the ebb and flow of multi-unti developments in the data. </p><p>For that reason analysts and traders tend to turn to the y/y result instead. That's hardly any better!</p><p>-24% y/y</p><ul><li>prior +8.7%</li></ul><p>The statistics folks in New Zealand are trying to gloss over the data:</p><ul><li>“The annual number of new homes consented has continued to decrease from its peak of 51,015 in the year ended May 2022,”</li></ul><p>NZD/USD is little changed around 0.6225</p>

This article was written by Eamonn Sheridan at www.forexlive.com.