NEW ZEALAND'S BUSINESS NZ PMI RECOVERS TO 47.3 FROM 43.1, BUT REMAINS IN CONTRACTION TERRITORY
New Zealand's Business NZ Purchasing Manager's Index (PMI) climbed to 47.3 in January, but still remains stuck in contraction territory after a meager lift from the previous month's 43.1.
According to Business NZ, the New Zealand PMI gave its highest activity reading since May of 2023, but has remained in contraction territory for an eleventh straight month.
Business NZ's Advocacy Director Catherine Beard stated:
"On the positive side, Employment (51.3) was in slight expansion for the first time since February 2023, while New Orders (47.7) improved to its highest level since May 2023. However, New Orders has now remained in contraction for eight consecutive months, which combined with Production (42.1) has meant a sector that is still someway off returning to expansion
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