FX.co ★ New Zealand Composite PMI Slips to 3-Month Low

The BusinessNZ Performance of Composite Index slipped to 50.5 in February 2026, down from a downwardly revised 52.3 in January, and reached its lowest level since November. The loss of momentum was driven by a contraction in the services sector, its first in three months, even as manufacturing activity remained comparatively resilient. Growth in output, new orders, and employment all slowed to their weakest pace since November, pointing to a more subdued overall expansion. At the same time, inventories fell after having increased for the previous two months, indicating that some firms were running down stock levels. Supplier delivery times continued to lengthen, but at a reduced rate, signaling a modest easing of supply-chain pressures.