BusinessNZ Performance of Manufacturing Index (PMI) is still well under its longer run average of 53.0
BusinessNZ’s Director, Advocacy Catherine Beard:
- New Zealand’s manufacturing sector has remained in a relatively tight band of contraction for the last three months. … Beyond seasonal factors such as weather, comments tended to concentrate on slowing orders/deteriorating demand and lower sales levels.
BNZ Senior Economist, Craig Ebert:
- the range of results in the sub-components is mirrored in the breadth of issues manufacturers are now highlighting in the survey. Gone is the dominance of supply-side laments, especially regarding staff. But new negatives have arisen, for all of them to (still be) outnumbering the positive issues referenced
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Data from New Zealand on Thursday confirmed the country’s economy is in recession:
the Reserve Bank of New Zealand have been on an aggressive rate hike cycle to try to drive inflation down.