PMI bounces; new virus outbreak casts shadow

Fri, 14 Aug 2020

The latest BNZ-BusinessNZ Performance of Manufacturing Index hit 58.8 in July, up from June’s already positive 56.2 and the highest reading since April 2018.Given extreme weakness in April and May “the July results very much look like recovery from a very large hit earlier in the year, rather than outright strength,” BNZ senior economist Doug Steel said.Catherine Beard, BusinessNZ’s executive director for manufacturing agreed. “We should be careful not to interpret this as a new dawn for the sector, rather a catch-...

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