New Zealand's consumer purchases with debit, credit and store cards recorded a 0.2% fall in October after rising for 4 consecutive months. This is being taken as another sign pointing to the speculation that the country's recovery from the recession will be slow and steady.

Figure shared by the Statistics New Zealand have confirmed that the value recorded for October on electronic card transactions for overall retail purchases fell after rising in September by as much as 0.7%.

The only outlets which have seen a slight rise in card purchases have been fuel stations and car workshops. Barring these, all others have recorded falling electronic card transactions. "Not everything is positive”, said Craig Ebert, senior economist at Bank of New Zealand Ltd. "Consumers are confident about things, but they’re not spending. This is a sign that things are still struggling in the retail area".

Although New Zealand is slowly pulling out the worst recession the country has seen in as many as 30 years, the economy is still vulnerable and growth will be slow, a speculation backed by Reserve Bank Governor Alan Bollard. Another sign pointing to this is the fact that the jobless rate in NZ rose to 6.5% in the third quarter, a nine year high.