Latest PMI shows December 'miserable' for manufacturing

Last year started well for manufacturers but got progressively worse. (Image: Porter Novelli)

Fri, 19 Jan 2024

New Zealand’s “miserable” manufacturing activity contracted 3.4 points in December, according to the latest Performance of Manufacturing Index (PMI)The seasonally adjusted PMI for December was 43.1 in the monthly survey by BusinessNZ and the Bank of New Zealand (BNZ). A PMI reading above 50 points indicates manufacturing activity is expanding; below 50 indicates it is contracting.Lack of demand and sales were the overriding themes many manufacturers mentioned.BusinessNZ director of advocacy Catherine Beard said the Decemb...

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