New Zealand August Manufacturing PMI 45.8 (prior 44.4)

NZ – BusinessNZ Performance of Manufacturing Index (PMI).

Still in contraction at 45.8

• prior revised to 44 .4, from 44.0
• long term average is 52.6
• has been in contraction for 18 consecutive months

BusinessNZ’s Director, Advocacy Catherine Beard:

• sub-index results for Production (46.3) and New Orders (46.8) were both the strongest they have been in a few months

BNZ’s Senior Economist Doug Steel:

• “while business confidence and building consent indicators have ticked up from their very low levels offering potential for improvement over the coming 12 months, the PMI is an indicator of outcomes and continues to show that current conditions remain challenging”

This article was written by Eamonn Sheridan at www.forexlive.com.