New Zealand manufacturing PMI, comes in at 56.0
- prior was 58.0, revised from 57.9
A little dip from the prior reading. The manufacturing PMI in NZ has been in expansion since October 2012
The 'employment' reading contracted (48.5). Says BNZ:
- significant drop in the employment index
- it might just be monthly noise
- we should not dismiss it out of hand
- At 48.5, it is not only below 50 but at its lowest level in two and a half years
- Jump in the PMI inventory index ... (may) reflects some unanticipated slowing in demand
- Very strong new orders, which even nudged a touch higher in February
- Extreme weakness in the dairy industry continues to influence parts of manufacturing. This looks set to continue with a further reduction in the current season's payout forecast by Fonterra this week. Annual dairy industry revenue looks like being more than $7 billion lower than its peak two years ago
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ps. This data was out at 2130GMT
