Antipodean Macro

Antipodean Macro

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ONLY CHARTS #423

NZ PMI, NZ Q3 GDP nowcast, NZ Truckometer, NZ migration & travel, Aus unemployment, Aus rents inflation, Canada labour market, Household saving

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Antipodean Macro
Oct 13, 2025
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1. New Zealand’s composite PMI - the PCI - rose slightly to 48.5 in September. The new orders component poked back above 50.

New Zealand’s PMI remains much weaker than in many other advanced economies.

2. The kiwi PMI remains consistent with better (measured) GDP growth in Q3.

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