NZ data out now: February manufacturing PMI dips to 53.4 (prior 55.6)

The dip in February comes after a very sharp increase in January (over December)

• February 53.4
• January 55.6 .... nope, revised down to 54.4 .... not quite as sharp as initially thought then
• December 51.2

NZ activity continues strong, just not quite as s strong as we have become accustomed to.

For the February survey:

• hot weather & storms affected meat and dairy processing

BNZ Senior Economist, Doug Steel

• "There is no doubting the Performance of Manufacturing Index has slowed over recent months. That said, February's PMI is hardly weak in exactly matching its long term average,"