Financial News: New Zealand Manufacturing PMI Sinks To 45.8 In

New Zealand Manufacturing PMI Sinks To 45.8 In October - BusinessNZ

11/14/2024 - 17:12:00 (RTTNews)

(RTTNews) - The manufacturing sector in New Zealand continued to contract in October, and at a faster pace, the latest survey from BusinessNZ revealed on Friday with a manufacturing PMI score of 45.8.

That's down from the upwardly revised 47/0 in September (originally 46.9) and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Among the individual components, production (44.5), employment (45.8), new orders (49.0), finished stocks (47.4) and deliveries (44.6) all were in contraction.

"Despite lower interest rates, the manufacturing sector continues to face significant headwinds. Recent business surveys have shown a sharp contrast between improved expectations for activity and weak current conditions," said BNZ Senior Economist Doug Steel.

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