New Zealand data shows non-residential building activity down in September quarter.

<p>Data from Stats NZ shows that the seasonally adjusted volume of building activity in New Zealand was $8.6 billion in the September 2023 quarter. This is down 2.4% on the quarter:</p><ul><li>+10% y/y </li><li>volume of non-residential building work was down 5.9% q/q</li><li>volume of residential building work was down 0.6% q/q</li></ul><p>From the report:</p><p>

“The September 2023 quarter marked the first time since the December 2022 quarter that there was a fall in the volume of non-residential building activity,”</p><p>NZD/USD little moved by the release. The kiwi $ slumped overnight with the broader move for the US dollar. </p><p>***</p><p>

Seasonally adjusted volume estimates remove the effects of price changes and typical seasonal patterns.</p>

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