New Zealand Manufacturing PMI (May): 50.2 (prior 53.0)
BusinessNZ / BNZ PMI for manufacturing - big drop on the month.
- lowest level of overall activity since December 2012
- production sub index (46.4) at its lowest value since April 2012
- proportion of positive comments for May (54.3%) improved from April (48.9%)
- "the PMI sends a warning signal for near term growth via its mix of falling production, near flat new orders, and rising inventory. Next week's Q1 GDP should be reasonable, but beyond this downside risks are accumulating".
NZD trading lower on this poor result.