New Zealand Manufacturing PMI (May) still in contraction at 48.9 (prior 48.8)

BusinessNZ Performance of Manufacturing Index (PMI) is still well under its longer run average of 53.0

BusinessNZ’s Director, Advocacy Catherine Beard:

• New Zealand’s manufacturing sector has remained in a relatively tight band of contraction for the last three months. ... Beyond seasonal factors such as weather, comments tended to concentrate on slowing orders/deteriorating demand and lower sales levels.

BNZ Senior Economist, Craig Ebert:

• the range of results in the sub-components is mirrored in the breadth of issues manufacturers are now highlighting in the survey. Gone is the dominance of supply-side laments, especially regarding staff. But new negatives have arisen, for all of them to (still be) outnumbering the positive issues referenced

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Data from New Zealand on Thursday confirmed the country's economy is in recession:

• New Zealand Q1 GDP -0.1% q/q (expected -0.1%)

the Reserve Bank of New Zealand have been on an aggressive rate hike cycle to try to drive 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 down.