New Zealand July Manufacturing PMI 44.0 (prior 41.1)

Business NZ Manufacturing PMI for July 2024 records its 17th consecutive month of contraction.

• some small signs of improvement
• still significantly below its long-term average of 52.6

BusinessNZ’s Director, Advocacy Catherine Beard:

• sector continuing to strugglee

BNZ’s Senior Economist Doug Steel:

• manufacturing activity will turn when the broader economy turns
• Easing monetary conditions will help in this regard, but it will take time for the likes of a lower OCR to generate a general pick up in sales

This article was written by Eamonn Sheridan at www.forexlive.com.