We are in the thick of the election campaign, but it almost doesn’t matter what policies are being announced – everyone's eyes are on the cost of living.

With many households struggling and job cuts and restructuring now being felt, these concerns about our economic prospects are only now getting worse.

But what does the latest data show about the state of our economy, are there any positives on the horizon, and what could be the headaches for the winner in October’s election?

Today, NZ Herald business editor-at-large Liam Dann brings us the latest economic outlook.

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New Zealand faces 'shadow recession' as economic woes become more apparent