Business confidence dip

Business confidence dipped in August's National Bank Business Outlook survey.

A net 34.4 percent of those surveyed expected worse times over the year ahead, which is down from a net 47.6 percent in last month's survey.

The bank said the survey had a cautious tone but firms' own expectations were little changed, and this was encouraging.

A net 43.3 percent of firms expect better times ahead, which was little changed from the previous month.

"We're going to defer judgement on the implications of this month's results. Amidst the global upheaval there is much to ponder. Sensible heads are required," National Bank said.

The post global financial crisis recovery was never going to be shaped like a "martini glass".

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