• Another week, another couple of green shoots sprout.  Retail spending volumes eked out a slight gain of 0.4% in Q2.  House sales rose 5% by our seasonally-adjusted estimate.
• Also confirming the housing market is returning to more normal conditions are the slightly below average median of days taken to sell and that prices are starting to edge up. 
• It has been another week in which the NZ dollar has continued to defy gravity and long-term mortgage rates have risen.  Despite the ongoing confirmation the household sector is stabilising, the RBNZ is likely to be increasingly worried that the recovery it forecasts will be undermined before it really gets started.

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