Business NZ Manufacturing PMI for July 53.5
- prior was 55.1, revised from 55.2
Comments from BNZ on the release:
- The PMI is still supportive of economic growth ahead
- "This is supportive of economic growth ahead, although likely at a slower pace than previously achieved as the likes of the obviously intense headwind from the dairy sector filters through."
BusinessNZ's executive director for manufacturing Catherine Beard:
- The proportion of positive comments rose from 53.6% in June to 60.8% in July
- "The recent fall in the value of the New Zealand dollar came through in many positive comments, while the lower dairy payout continued to trickle through for those who listed a negative influence".
- "Although activity in the sector has not been as strong as recent years, the fact that official figures show employment growth primarily coming from the manufacturing sector, as well as ongoing expansion in the PMI, means that the sector continues to hold its own".
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Manufacturing index still in the 'expansion' zone according to this survey
This is a positive for the NZ economy in the midst of poorer data elsewhere, notably the plunging price of dairy
The NZD isn't doing much at all:
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FPI due at 2245GMT coming up next from NZ
