- Annual growth in consumer spending was broadly unchanged from December, but retailers remained cautious.
- Activity continued to improve in the housing market, and prices started to edge up.
- Export growth outpaced domestic manufacturing sales.
- Investment intentions eased a little.
- Construction output growth remained steady.
- Growth in business services eased, but was still strong; consumer services growth increased slightly.
- Employment intentions rose a little, but continued hiring of workers from overseas helped to ease pressure in the labour market.
- Capacity pressures picked up a little, but remained modest.
- Most pay rises were likely to be broadly similar to last year, but rises in overall labour costs may be larger.
- Input price inflation increased following the rise in gas prices.
- Consumer price inflation edged higher, with less discounting in the January ‘sales’ than usual.
Agents' summary of business conditions - February 2006