NZ: Manufacturing PMI inched higher to 48.4 in August – TD Securities

Analysts at TD Securities note that New Zealand’s manufacturing PMI for August inched higher 0.3pts m/m to 48.4 from 48.1 in July, the second consecutive month that the manufacturing sector has contracted.

Key Quotes

“Four of the five sub indexes were below 50. New orders dropped to 45.6, the lowest in 10yrs. One bright spot in the sub-component was employment which rose 7 points m/m to 49.3.”

“REINZ Home sales data was published for August showing home sales declined 6.9%/yr ex Auckland, thanks largely to the lowest level of listings since 2007 over the last 3 months. This is helping drive price gains across most segments of NZ.”