SYDNEY  – Consumer confidence in New Zealand dipped in March, with declines seen across nearly all sectors as consumers remained cautious on spending, ANZ-Roy Morgan data showed on Friday.

“The economy is improving under the hood, but we’re at the very early stage where it doesn’t feel like it,” ANZ Chief Economist Sharon Zollner said in a statement.

“That’s because both unemployment and business failures, the human face of recessions, continue to lift.”

The consumer confidence index fell to 93.2 in March from 96.6 in February. A reading above 100 shows optimism, while below that indicates pessimism.

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