BusinessNZ Manufacturing PMI for August 2019
- July revised to 48.1 from 48.2 in the header to the post.
Contraction for the second consecutive month (last time this happened was in 2012
- employment subindex remained in contraction for four consecutive months
BusinessNZ's executive director for manufacturing Catherine Beard:
- "The sub-index of new orders (45.6) dived further into decline during August, and at its lowest point in over ten years (May 2009). Given production (49.7) fell from expansion in July to decline in August, further declines in new orders will typically lead to worsening of production levels in the months ahead. "
BNZ Senior Economist, Doug Steel said that
- "disconcertingly, the PMI adds to a building case over recent times that there has been a palpable softening in demand - at least for manufactured goods".
