NZ: PSI/PMI better than average but consumer confidence merely around normal – BNZ

Research Team at BNZ, suggests that as we await Britain’s vote on EU, the NZ’s PSI slowed slightly, to a seasonally adjusted 56.9, it remained very much on the right side of its long-term average, of 54.0.

Key Quotes

“This, along with the Performance of Manufacturing Index (PMI) beaming at 57.1 in May, made for a composite index still consistent with above-average rates of GDP expansion. Production and new orders were still leading the way for both the PSI and PMI. But now their composite indices on employment have also strengthened to above norms.

The messages from consumer confidence are not so buoyant, however. Last Friday’s ANZ Roy Morgan sentiment index did edge up to 118.9, from 116.2 in May. But that simply put it back on its historical average.”