Economic Weather Report: Consumer confidence down and why the RBNZ watches the figures closely.

Watch on our video page here. Watch on YouTube here. Bernard Hickey delivers an Economic Weather Report in association with BNZ that details a report looking at consumer confidence and why the RBNZ watches the figures closely. Consumer confidence about the future fell in early February from its record highs set in January, ANZ-Roy Morgan's survey found. The ANZ-Roy Morgan Consumer Confidence measure fell 8 points in February to 100, "indicating a lack of conviction on behalf of consumers towards opening the wallet," the report said. Consumer confidence surveys are watched by the Reserve Bank and others as an indicator of likely consumer spending, although the survey has shown a big gap opening in recent months between future confidence and actual spending. Future confidence is much stronger than current confidence and sales. This subdued level of consumer confidence will support those arguing for a hike in the Reserve Bank's Official Cash Rate later rather than earlier.