BusinessNZ Performance of Manufacturing Index (PMI) is mired well under its longer run average of 53.0.
BusinessNZ’s Director, Advocacy Catherine Beard:
- “While the key sub-index components of New Orders (46.6) and Production (43.9) improved slightly from July, the trend since March has seen them all but entrenched in contraction. Any movement towards overall expansion in the sector needs to see a sustained lift above 50.0 for both of these key PMI components. Again, only Finished Stocks (52.1) remained in positive territory for August.”
BNZ Senior Economist, Craig Ebert:
- “while the PMI headline result has been far worse during past recessions, the August result also loses points for its latest composition as New Orders and Production were the biggest drags being 8.0 and 9.5 points below par respectively”.