New Zealand Quarterly Spending Rises for First in 7 Periods on Cash Handouts

New Zealand Retail Sales spending rose 0.1% in June, much stronger than the anticipated 0.3% contraction. Despite a continued growth, spending gains still performed weaker than in the previous month. The previous period may have been a simple green shoot as the figure happened to be the strongest of such in 12 months. Spending in the three months ending June, however, saw the first gain in retail sales in seven quarter. Such activity occurred in a period in which wages grew by the slowest pace in 10 years, adding to speculation that much of this spree has been led by cash handouts implemented by the New Zealand government.