Manufacturing in a 'fundamental flap'

Another tough month for the sector. (Image: Unsplash

Fri, 15 Sep 2023

The manufacturing sector continued to shrink in August, according to the latest Bank of New Zealand – BusinessNZ Performance of Manufacturing Index (PMI).The seasonally adjusted PMI for August was 46.1. A reading above 50 indicates that manufacturing is generally expanding; below, it is declining. This was down from 46.6 in July and the lowest level of activity for a non-covid-affected month since June 2009.The long-term average activity rate is 52.9.BusinessNZ’s director of advocacy, Catherine Beard, said that the August result tol...

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