New Zealand Manufacturing PMI for June: 49.7 (vs. prior 52.9)

BusinessNZ manufacturing PMI drops back into contraction, for the first time since August 2021.

Its now well below the long-term average of 53.1.

Snippet from the report:

• Manufacturers continue to have a more negative mindset, with the June result showing 68.5% provided negative comments. While this was down from 72.7% in May and 70.3% in April, staff retention/shortages continue to plague the sector, as dosupply chain issues.
• BNZ Senior Economist, Doug Steel stated that “June’s weak PMI adds a note of caution and certainly supports our broader concern about economic growth ahead".

---

This is ugly stuff. The Reserve Bank of New Zealand is hiking rates aggressively, 50bp this week and likely another 50bp at the August meeting. Inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term is too high for RBNZ comfort, but they'll be eyeing blows to economic growth nervously.