- Prior month 47.5
- New Zealand manufacturing PMI for July 46.3
The index is at the lowest level since January 2023 when it came in at 46.2. It marked the 5th straight month of contraction.
In July, New Zealand’s manufacturing sector contracted, with a PMI of 46.3, marking its lowest activity since the August 2021 lockdown. BusinessNZ’s Director noted minimal signs of sector improvement. New Orders slightly improved, but Production and Employment metrics declined, with Employment reaching its lowest since May 2020. Negative feedback from manufacturers was at 72% in July, highlighting market uncertainties, cost increases, and weather impacts. This July marked the fifth month of PMI readings below 50, a low not seen since June 2009, excluding Covid lockdown periods. Moreover, the key Production, New orders and employment all remained below the 50.0 level indicative of contraction.
The NZDUSD was trading at 0.6022, and is trading marginally lower and 0.6020.