BNZ – BusinessNZ Performance of Manufacturing Index (PMI).
Still in contraction at 48.8 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining)
The long run average for the survey is 52.5.
BusinessNZ’s Director, Advocacy Catherine Beard:
manufacturers struggling to see expansion in most elements of their businessfour of the five main sub-index values were in declinemanufacturers report a major slowdown due to weak consumer demand, high living costs, and economic uncertaintyfalling construction activity, rising input costs, and global instability are reducing orders and cashflow, while supply chain issues add further pressureBNZ’s Senior Economist Doug Steel:
“looking across the PMI sub-indices, they all remain well below their historical averages. Despite talk of an economic recovery, conditions are still very tough”---
Earlier this week the Reserve Bank of New Zealand left its cash rate target unchanged, and indicated that if inflaiton driops lwoer they'd lower rates:
Reserve Bank of New Zealand (RBNZ) leaves rates unchanged, as expectedReserve Bank of New Zealand next meet on August 20.
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