Business confidence appears to be flat-lining.
The National Bank's latest survey shows only 17 percent of respondents expect business conditions to improve over the year ahead.
That's the same reading as last month.
Firms' own activity expectations waned, with just 26 percent expecting more activity out of their business over the coming year.
Chief Economist Cameron Bagrie says the major casualty in this monthâ s survey is the agriculture sector, with the industry firmly entrenched in bearish territory.
It has the lowest reading across most measures including confidence, activity, employment, expected profits and pricing intentions.