However, this one bright light is not enough to make up for the raft of negative economic indicators in recent months.

House sales and consents have dropped precipitously, economic growth has been weaker than expected, and the recovery in a number of other developed economies has stalled.

Overall Infometrics still expect the New Zealand economy to crawl out of its current hole, but the weakness in recent data will be sufficient to prevent the Reserve Bank lifting the official cash rate again until March 2011.

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