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New Zealand manufacturing PMI slips as new orders normalize
The BusinessNZ PMI Manufacturing fell from 60.1 in June to 54.3 in July, while new orders dropped from 64.1 to 53.3 and sentiment turned more negative.
New Zealand manufacturing stayed in expansion in July, but growth momentum eased after a stronger June, according to Action Forex citing the BusinessNZ PMI Manufacturing survey.
The headline PMI fell to 54.3 from 60.1, with all five sub-indices still above the 50 threshold, including Production easing to 57.3 and Deliveries to 55.8.
The sharpest slowdown came from New Orders, which retreated from 64.1 to 53.3, suggesting forward demand normalized faster than current production, while business sentiment cooled as 57% of comments were negative.
Manufacturers pointed to the Middle East conflict, high fuel and raw-material costs, weak customer spending, and election uncertainty as concerns, even as steady order books and stronger export sales provided some offset. Action Forex noted BNZ Senior Economist Doug Steel said the month-to-month move is not an immediate cause for concern, though the retreat in new orders and weaker sentiment warrant monitoring.