The Business NZ Performance of Manufacturing Index (PMI) for New Zealand has shown improvement in April 2024, indicating a positive trend in the country's manufacturing sector. According to the latest data released on 09 May 2024, the PMI for April reached 48.9, up from 47.1 in March 2024. This increase suggests a slight expansion in manufacturing activity during the period.
The PMI is a key indicator of the health of the manufacturing sector, with a reading above 50 indicating expansion and below 50 signaling contraction. While the April figure of 48.9 still falls below the threshold for expansion, the uptick from the previous month is a promising sign for New Zealand's economic recovery. Analysts will be closely monitoring future PMI releases to assess the sustainability of this positive momentum in the manufacturing industry.
