The BNZ – BusinessNZ Performance of Manufacturing Index (PMI) improved from December but is still in contraction, and has now been in contraction for eleven consecutive months.
- Employment (51.3) was in expansion for the first time since February 2023
- New Orders (47.7) improved to its highest level since May 2023, but has been in contraction for eight consecutive months
BNZ Senior Economist Doug Steel:
- “across components, employment stood out like the proverbial with a poke back above 50. This is at odds with deeply negative production and demand indicators like new orders. The whiff of more employment in the PMI might reflect better access to staff, with manufacturers reporting in the latest QSBO that labour is easier to find”.
