Business NZ Manufacturing PMI for June 2024 collapses to 41.1, its 15th consecutive month of contraction
- prior 47.2
The report from Business NZ is titled “Freefall”. Sounds about right.
New Zealand’s manufacturing sector PMI:
- third lowest value for a non-COVID lockdown month
- BusinessNZ’s Director, Advocacy Catherine Beard said that the freefall in activity from May to June was a major concern for a sector that had already been stuck in contraction for the past 15 months.
- BNZ’s Head of Research Stephen Toplis said that “while the weakness in these series have not been as deep as during the GFC the length of it has been longer, and it is not over yet. Manufacturing activity is highly leveraged to domestic demand, particularly residential construction and household spending. Both of these are faltering”.
This article was written by Eamonn Sheridan at www.forexlive.com.
