NEW ZEALAND'S BUSINESS NZ PMI CONTRACTS AGAIN TO 43.1 IN DECEMBER VERSUS 46.7 PREVIOUS
New Zealand's Business NZ Performance of Manufacturing Index (PMI) contracted further to 43.1 in December, down from November's 46.7.
Despite the decline, NZ PMI activity is still up from October's low of 42.9, but still represents the ninth consecutive month of contraction in manufacturing activity in New Zealand.
According to Business NZ:
The proportion of negative comments stood at 58.7%, which was down from 65.1% in October and 68.8% in September. A general lack of demand and sales was the overriding theme mentioned by many manufacturers.
BNZ Senior Economist, Craig Ebert stated that “at the heart of the recent poor run in the PMI has been its production index. While this improved a bit in November, it was, at 43.6, almost 10 index points south of its long-term average. That’s a big undershoot, in historical context
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