Business confidence has sunk to its lowest level since the New Zealand Institute of Economic Research began surveying sentiment in 1970, on a seasonally adjusted basis, the research firm says. NZIER said its latest quarterly survey of business opinion made for grim reading, with a net 73% of businesses expecting conditions to worsen over the coming months. “Business confidence is the weakest in the history of the survey,” NZIER principal economist Christina Leung said. “Firms have become much more cautious and are now looking to reduce staff numbers.” A net 9% were expecting to cut staff early this year, NZIER found. ... (full story)