The PMI has been showing signs of less then euphoric trading conditions in NZ.

A bit of a better result for June though coming in at 51.3

  • from 50.4 in May (revised from 50.2)
nz pmi

Via BNZ on the PMI … bolding mine on the better headline but not so great deatil:

  • With its nostrils just above the water line, the latest Performance of Manufacturing Index (PMI) might best be described as doing doggy paddle. Sure, it increased to a seasonally adjusted 51.3 in June, from the 50.4 it virtually stalled at in May. That's actually relatively good in the current global context. However, keeping it aloft - and likely not in a good way - was increased buoyancy in inventory (57.6). There were ups and downs in the PMI's production (51.0), new orders (52.8) and employment indices (48.0). However, they were all running about a couple of index points shy of their respective norms. Deliveries were just plain soft, at 48.9.