New Zealand BusinessNZ Performance of Manufacturing Index dropped back from 54.8 to 52.0 in September, comparing to July’s 53.5 and June’s 50.2. Looking at some details, production dropped from 54.5 to 52.0. Employment dropped from 53.6 to 51.9. New orders tumbled sharply from 59.7 to 48.4. Finished stocks rose from 52.0 to 55.0. Deliveries edged down from 55.0 to 54.5.
BNZ Senior Economist, Doug Steel stated “the overall trend remains positive, but with ongoing volatility around it. On the positive side, the PMI’s 3-month moving average has continued to edge higher this month but, not so good, the 52.0 monthly reading is now back below the PMI’s longer-term norm”.