ANZ analyst: New Zealand Q2 manufacturing “considerably weaker”

The Q2 New Zealand manufacturing data was out earlier:

• 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%)

From ANZ (client research note):

• They say the data was “considerably weaker” than signalled by previously released upbeat business sentiment measures
• Point out that “Core” manufacturing inventories fell 2.6%
• Say “We expect the manufacturing sector to make a broadly neutral contribution to 2q GDP, with our GDP pick 0.4%”

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The NZD, though, is little changed since the data release.