And for households and business, in general, the downturn grinds on. How does this downturn compare to previous? BNZ chief economist Mike Jones says this downturn is different in a few ways. Economist Shamubeel Eaqub said the recession was showing up first in things like falling company profits and overdue tax. Jones said the downturn was also being felt through inflation and cost of living pressure, rather than aggressive job cuts at this stage.

Source: Stuff June 20, 2024 03:14 UTC