New Zealand manufacturing PMI plunges deeper into contraction – November 45.5 (prior 45.8)

BNZ – BusinessNZ Performance of Manufacturing Index (PMI) for November 2024 fell further, to 45.5

• October was 45.8

Another ugly report.

BusinessNZ’s Director, Advocacy Catherine Beard:

• any momentum built over the July-September period has now reverted back to a retreat for the sector
• Negative comments during October showed similar patterns to previous months, with a focus on a lack of orders and cost of living.

BNZ’s Senior Economist Doug Steel:

• the main message of a manufacturing sector still under significant pressure remains. Recent business surveys report that manufacturers are feeling more confident about the outlook, but there is scant evidence of a general turnaround in activity to date

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