The good, the not so good and the bad.

	Last week was a mixture of the surprisingly strong (retailing), the unsurprisingly soft (housing) and the surprisingly weak (manufacturing survey).
	The economy is rebalancing away from being driven by households.  Exports and manufacturing output have been showing strong benefits from the rebound in Asian and Australian economies.
	However, last week’s BNZ/Business NZ manufacturing survey showed a slower pace of expansion.  The dip is a cautionary tale that the recent momentum may be waning.

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Other sites of interest: www.asbsecurities.co.nz  www.asb.co.nz  www.commbank.com.au

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Report prepared by:
Jane Turner
ASB Economist
Phone: (649) 374 8185
Facsimile: (649) 302 0992