New Zealand providers PMI for November jumps into growth

BNZ – BusinessNZ Efficiency of Providers Index (PSI) for November is 51.2, leaping into growth from October’s 49.2.

The long-term common of that is 53.5.

BNZ Senior Economist Doug Metal:

• “despite November’s lift, the PSI remains below its long-term norm of 53.5. And the combination of contracting activity/sales and rising inventories raises questions about the sustainability of the nudge higher”

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Final week was a disappointing manufacturing PMI from NZ:

• New Zealand data: November manufacturing PMI 46.7 (up from 42.5 in October)

This text was written by Eamonn Sheridan at www.forexlive.com.