A net 18% of businesses expected better times for the economy over the year ahead, up five points on the previous month.
Although it could not be called a convincing bounce - the move was well within the realms of normal volatility from month-to-month - any movement to buck the emerging downward trend was welcome, after three months of steady moves lower in business sentiment, chief economist Cameron Bagrie said.
Firms' own activity expectations followed the movement in general business sentiment, lifting slightly.
A net 29% of respondents expected a increase in activity for their own business over the year ahead, up three points from October.
However, the sectoral movement was "far from convincing", with sentiment in agriculture and construction retreating.
Mixed messages were apparent across the remainder of the survey. Profit expectations lifted marginally, investment intentions recovered the ground lost in October, employment intentions eased and export intentions slipped to a 26-month low. Residential investment intentions eased while commercial construction intentions lifted and pricing intentions waned. All in all, November's results were "a real hodge-podge" but with some relative respectability.
"Given the current state of the global economy, respectability is not a bad reading to achieve." New Zealand was not divorced from global developments. The "five C's" - confidence, commodity prices, China, cost of funds and the currency - were being watched closely.
Confidence was holding up, as were commodity prices, and China "also looks OK, for now".
It cost more to borrow internationally, but New Zealand was benefiting from having a floating currency, for it was appropriately acting as a "shock absorber", declining on waning risk appetites and global fears.
"It's a buffer some of those major pockets of Europe which are locked into the euro would love to have." For now, New Zealand appeared "fine" and a "bastion of strength" compared with a host of other Western nations.
