New Zealand Housing Construction Slump Highlights Recession Risk [Yahoo! Finance]
FLETCHER BLDG SP/ADR (FCREY)
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Source: Yahoo! Finance
(Bloomberg) -- New Zealand residential construction slid to a four-year low last quarter, in a further sign the economy may have tipped into another recession. Most Read from Bloomberg The Outsized Cost of Expanding US Roads How Air Conditioning Took Over the American Office Madrid to Ban E-Scooter Rentals, Following Lead Set in Paris Hong Kong's Arts Hub Turns to Selling Land to Stay Afloat World's Second-Tallest Tower Tests Malaysia's Appetite for More Skyscrapers Spending in constant prices — a measure of volume — fell to NZ$5.2 billion ($3 billion) in the three months through June, Statistics New Zealand said Friday in Wellington. That's the lowest level since the same period in 2020, when the nation was in a lockdown during the pandemic. Economists generally expect the economy shrank in the second quarter as elevated interest rates doused spending and investment. The Reserve Bank, which embarked on an easing cycle last month, anticipates that activity also contra
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