New Zealand data for the final quarter of 2015.
Manufacturing Activity -1.9% q/q
- prior +4.2%
Manufacturing Activity Volume +1.3% q/q (this is the volume of manufacturing sales)
- prior was +3.3%, revised from +3.5%
Main points from Statistics New Zealand:
- petroleum and coal product manufacturing - up 11 percent (not seasonally adjusted)
- meat and dairy product manufacturing - up 2.5 percent, after a 6.0 percent rise in the September 2015 quarter
- fruit, oil, cereal, and other food manufacturing - down 2.9 percent.
- The trend for total manufacturing sales volume, which gives a longer-term picture of movements, is rising after a recent flat period.
- The actual value of manufacturing sales including price changes was $26.4 billion in the December 2015 quarter, up $17 million (0.1 percent) from the December 2014 quarter
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Little response from the NZD to this data. The bigger impact was from the Fonterra news earlier, and then the Truckometer (a GDP proxy):
- NZ data - ANZ Truckometer (February): +1.6% m/m (prior -4.3%)
- Fonterra cuts forecast milk price to NZ$3.90 vs $NZ3.95 prior
