New Zealand - BusinessNZ Manufacturing PMI for August: 55.0 (prior was 53.7)

BusinessNZ Manufacturing PMI for August, at an improvement to 55.0

• prior was 53.7, revised from 53.5

The New Zealand Performance of Manufacturing Index from the Bank of New Zealand and Business New Zealand.

Comments on the result from BNZ:

• Today's result suggests that there "might be more spine to current economic activity than some seem to fear"
• Lower interest rates & lower NZD are both supporting growth
• The PMI is showing the prospect of "at least reasonable economic growth into the second half of 2015"

And, from BusinessNZ's executive director for manufacturing Catherine Beard:

• " ... export growth due to the decrease in the value of the New Zealand dollar remained a key comment in ensuring comments were more positive than negative. On the flip side, manufacturers also noted the adverse economic news offshore, which is causing a drop in new orders for some. Domestically, the dairy downturn continues to be felt".