New Zealand’s Business Performance Manufacturing Index (PMI) continued its downward trend in May 2024, dropping to 47.2 from April's 48.9. The data, updated on the 13th of June 2024, indicates a further contraction in the country's manufacturing sector, as a reading below 50 signifies a decline in manufacturing activity.
This marks the second consecutive month of deterioration in the PMI, reflecting broader economic challenges faced by the sector. Industry analysts have expressed concern over potential long-term impacts on the manufacturing landscape and the broader economy if current trends persist.
The ongoing slide underscores the need for targeted policy measures to stabilize and rejuvenate New Zealand’s manufacturing industry amidst global economic uncertainties and domestic challenges. Stakeholders will be closely monitoring subsequent PMI updates to gauge the effectiveness of any interventions and the sector's overall trajectory.
