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Business NZ PMI bounces back in August

FXStreet (Bali) - Business NZ PMI for August came at 56.5 vs an upward revision of 53.5 from 53.0 in the last report.

Official report

Manufacturing by industry sub-groups were mostly positive during August: Petroleum, coal, chemical & associated product manufacturing (63.5) went back into strong expansion after a period of decline Machinery & equipment manufacturing (52.3) continued to experience expansion, although down on the level seen in July Food, beverage & tobacco manufacturing (66.9) continued to expand at strong clip In contrast, metal product manufacturing (49.2) experienced its first level of contraction since December 2013.

Catherine Beard, Business NZ’s Executive Director for manufacturing, noted: "“The rise in August was mainly due to a lift in both production and new orders, while two of the other three sub-indices also showed improvement. In fact, production was at its highest level since July 2013. The proportion of positive comments from respondents was at their highest level for a number of months (61.2%), which tended to center around steady rise in orders, seasonal activity, and positive results following promotional activity and specific projects being undertaken."

New Zealand Food Price Index (MoM): 0.3% (August) vs -0.7%

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