Bank of New Zealand-Business NZ Manufacturing PMI for New Zealand in December 2017drops sharply
Yes, still in expansion at 51.2 (to a five year low)
- but a steep plunge from November's 57.7
This is often not an immediate market mover but in the case of such a sudden change this'll weigh on NZD
All of the sub indexes in the PMI fell (all 5)
- New orders had a shocker, down to 50.2 from previous 57.3
BNZ comments:
- "Anecdotal evidence, across the economy, suggests there was a post-election hiccup in activity as businesses put off major spending"
- Firms awaiting "greater clarity and, more importantly, understanding of likely policy shifts"