Dire times for New Zealand's manufacturing sector

Activity in manufacturing will turn when the economy turns. (Image: Unsplash)

Fri, 12 Jul 2024

Activity in New Zealand’s manufacturing sector dropped to its lowest non-covid lockdown monthly level since February 2009.The latest seasonally adjusted BNZ-BusinessNZ Performance of Manufacturing Index was 41.1, down from 46.6 in May, and signiﬁcantly below the long-term average of 52.6.A reading above 50 indicates that manufacturing is generally expanding; below 50, it is declining.The manufacturing PMI has now been below 50 for 16 consecutive quarters.The production sub-index fell to 35.4 from 44, while new orders fell to 38.8 from 43....

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