BusinessNZ Performance of Manufacturing Index (PMI) is still well under its longer run average of 53.0
Comes in at an awful 47.5 in June
- lowest since November 2022
- eight of the last ten months showing overall activity below 50.0
BNZ Senior Economist, Craig Ebert
- “for a weaker reading one has to go back to August 2021 (39.0), when the Delta strain outbreak of COVID-19 invoked level-4 lockdowns”
Yesterday the Reserve Bank of New Zealand left its cash rate unchanged, the Bank is watching now for the full impact of its steady rate hike cycle: