The manufacturing sector in New Zealand experienced a significant contraction in June, as detailed in the latest BusinessNZ survey released on Friday. The Performance of Manufacturing Index (PMI) dropped to 41.1.
This figure represents a substantial decline from May's PMI of 47.2, further distancing itself from the critical threshold of 50, which demarcates expansion from contraction.
Breaking down the index: production registered at 35.4, employment at 43.8, new orders at 38.8, finished stocks at 47.9, and deliveries at 44.9—all clearly indicating contraction.
