Today’s NZ Activity Index (NZAC) update continues the trend of the last three months, in showing abnormally high levels of activity growth compared to the same month last year.
This is because activity growth is measured relative to May 2020, when economic activity was still significantly curtailed by nationwide COVID-19 restrictions.
Comparison of these low activity levels in May last year with more normal levels of activity in May 2021 has resulted in another high annual percentage change in the NZAC index: +11% for May 2021. We expect the NZAC index to return to more meaningful levels from next month’s update onwards.
Key points to note:
- Most of the constituent indicators are well above the levels observed in May last year. This is due to the fall in activity levels in May 2020 resulting from COVID-19 alert level restrictions.
- Jobseeker numbers are continuing to fall, and are at their lowest level since April last year.
The next update of the NZAC for June activity is scheduled for publication on Wednesday, 21 July 2021. For more details, you'll find the NZAC first up in this week's Weekly Economic Update.
To view and download the NZAC data, visit the Stats NZ COVID-19 data portal.