Manufacturing activity contracts in July

(Image: Getty)

Fri, 11 Aug 2023

Activity in New Zealand’s manufacturing sector contracted in July to the lowest level in two years.The seasonally adjusted performance of manufacturing index (PMI) for July was 46.3, according to the latest BNZ – BusinessNZ PMI.A reading below 50 indicates manufacturing is declining. This was the lowest activity level since August 2021 and well below the long-term average activity rate of 52.9.“The July result was the fifth consecutive monthly sub-50 reading and, outside of covid lockdown periods, the lowest reading...

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