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New Zealand July Retail Sales Unexpectedly Fall 0.5%
New Zealand’s retail sales unexpectedly fell for a second month in July, adding to signs the economy faces a slow recovery from the worst recession in three decades. Sales dropped 0.5 percent from June when they declined a revised 0.1 percent, seasonally adjusted, Statistics New Zealand said in Wellington today. Core retail sales, which exclude car yards, fuel outlets and workshops, fell 0.5 percent. Reserve Bank Governor Alan Bollard last week said the economy faces a “patchy” recovery after contracting for six straight quarters as the jobless rate rises and a stronger currency curbs exports. He kept the ... (full story)