This is the BusinessNZ PMI for manufacturing, in at 51.2

  • New Zealand, July 2018
  • June was 52.8

An expansionary reading and down on the month.

So, a sign of growth, but slower. Fits in with the RBNZ saying pretty much the same thing in its monetary policy statement yesterday.

Its a bummer when an ageing rock star (the NZ economy) starts to run out of steam …. Still cranking out the songs but the top 40 hits drying up

more:

  • Slowest since December (2017, which was 50.9)
  • under its longer term average 9circa 53.4)

BNZ comments:

  • hinting at more than just a slowdown … manufacturing … outright slow growth
  • 'growth forecasts for the second half of 2018 are on notice'