Economic Indicators
New Zealand’s manufacturing sector continues to struggle – survey
2024.08.15 18:53
WELLINGTON (Reuters) – Manufacturing activity in New Zealand rose in July but while there was some improvement the numbers still tell a story of a sector continuing to struggle.
The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) rose to 44 in July from 41.2 in the previous month.
A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.
BNZ’s senior economist Doug Steel said in a note that perhaps the best thing to be said about July’s Performance of Manufacturing Index is that it was less bad than June’s result.
The data “speak to a manufacturing sector firmly in reverse and under significant duress,” he said.
