ANZ analysts note that global manufacturing has been under pressure for a while now as slowing global trade (on the back of the U.S.-China trade woes and waning US fiscal stimulus) has weighed on demand.

• “While New Zealand’s export commodity prices have held up, our ex-food manufacturing sector has slowed alongside the wider domestic economy, suggesting New Zealand’s experience may not be so different. Indeed, last week’s Quarterly Survey of Business Opinion suggests slowing manufacturing activity (and the wider economy for that matter) has persisted into Q2, and that this may now be leading to reduced headcount in the sector – and hence a possible (but likely small, so far) spillover into household incomes. This week brings a scattering of monthly data releases, with a few partial Q2 CPI indicators (June food prices, rents, and our Monthly Inflation Gauge), our Truckometer, cards transactions (which isn’t very useful data), the June PMI and possibly REINZ housing market data.”