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Financial News: Australia Manufacturing Sector Slips Into Contraction - Ju

Australia Manufacturing Sector Slips Into Contraction - Judo Bank

02/21/2024 - 17:05:00 (RTTNews)

(RTTNews) - The manufacturing sector in New Zealand fell into contraction in February, the latest survey from Judo Bank revealed on Thursday with a manufacturing PMI score of 47.7.

That's down from 50.1 in January, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction.

A sharper decline in new orders underpinned the latest downturn in goods production. High interest rates and soft manufacturing sector conditions dampened demand, leading to the sharpest fall in output since May 2020. Consequently, employment levels and purchasing activity declined.

The survey also showed that the services PMI climbed to 52.8 in February from 49.1 in January.

Driving the return to growth in services activity was a renewed rise in incoming new business. Export business also rose for the first time since September 2023, albeit only marginally. In turn, Australian service providers hired additional staff to cope with workloads.

The composite index also improved, rising to 51.8 in February from 49.0 in January.

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