- Q2 Manufacturing activity volume -0.7% q/q (prior was +0.5%)
- Q2 Manufacturing activity sales (seasonally adjusted) -1.9% q/q (prior was +0.6%)
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NZD down a few pips on the data release
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From Statistics New Zealand:
- The total manufacturing sales volume fell in the June 2014 quarter, with mixed results across industries
- After adjusting for seasonal effects, the volume of total manufacturing sales fell by 0.7 percent. This was led by a 1.4 percent fall in meat and dairy product manufacturing
- “Meat and dairy manufacturing sales have edged down in the last two quarters following a large rise in the December 2013 quarter,” business indicators manager Neil Kelly said.
- The sales volume for total manufacturing, excluding meat and dairy, was up 0.1 percent in the June 2014 quarter. Sales fell for seven of the 12 manufacturing industries in this group
- The trend for the total manufacturing sales volume, which gives a longer-term picture of movements, has flattened after recent rises
- When the effect of price changes is included, the total value of manufacturing sales fell 1.9 percent ($481 million). This decrease was driven by a 5.7 percent ($485 million) fall in meat and dairy product manufacturing sales
