* PMI slows further in September
* Further hints of a peaking Canterbury pulse
* PMI jobs index loses gas
* But cross-check with QSBO allays concern
* NZ manufacturing looking good, overall
New Zealand’s Performance of Manufacturing Index (PMI) did not just slow further in September but had a few noticeable sore spots in its details. Still, a timely check against the manufacturing component of Tuesday’s NZIER Quarterly Survey of Business Opinion (QSBO) allayed any concerns we might have had. Taken together, the PMI and QSBO signals remain relatively positive. The disappointment is simply that manufacturing growth looks decent, rather than very strong (as was hinted at a couple of months ago). And mixed, rather than widely spread about.
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BNZ