Business NZ Manufacturing PMI for July 2024 records its 17th consecutive month of contraction.
- some small signs of improvement
- still significantly below its long-term average of 52.6
BusinessNZ’s Director, Advocacy Catherine Beard:
- sector continuing to strugglee
BNZ’s Senior Economist Doug Steel:
- manufacturing activity will turn when the broader economy turns
- Easing monetary conditions will help in this regard, but it will take time for the likes of a lower OCR to generate a general pick up in sales
