By Tracy Withers Nov. 23 (Bloomberg) -- New Zealand consumer confidence declined for the first time in five months in November, hampering the economy’s recovery from a recession. Confidence fell 4.4 points to 121.5 after reaching a 22- month high in October, according to an index compiled by Roy Morgan Research and ANZ National Bank Ltd. Consumers are confident about future conditions but are less optimistic about their current situation, Wellington-based ANZ said in an e- mailed statement. Slowing confidence may curb retail spending in the approach to the busy Christmas season, slowing New Zealand’s recovery from the worst recession in three decades. Retail sales gained 0.1 percent in the third quarter and the central bank has pledged to keep interest rates at a record low until the second half of 2010 to stimulate demand. “Consumers will remain cautious about their spending decisions heading into the holiday shopping season,” ANZ said. More consumers said they are worse off financially than they were a year earlier and fewer said it was a good time to buy a major household item. More consumers said they expected to be better off in a year. The survey of 1,020 people was conducted between Nov. 2 and Nov 15. To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

Source