FX.co ★ New Zealand's Manufacturing Sector Contracts Further: Business NZ PMI Declines in October

New Zealand's manufacturing sector witnessed a further slump in October, as the Business NZ Performance of Manufacturing Index (PMI) continued on a downward trajectory. According to the latest data updated on 14 November 2024, the PMI for October fell to 45.8, marking a decline from the previous month’s figure of 46.9 recorded in September 2024.

A PMI reading below 50 indicates a contraction in the manufacturing sector, highlighting challenging economic conditions. This slide from September's numbers underscores ongoing struggles within New Zealand's manufacturing landscape. The persistent contraction could spell caution for stakeholders and policymakers, as they assess the impact on broader economic activities.

The October data reflects a landscape where manufacturers possibly face headwinds such as fluctuating demand, supply chain disruptions, or economic uncertainties. Further evaluations and measures may be necessary to support the sector as it navigates through this period of contraction.