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Stuck in reverse
New Zealand’s manufacturing sector saw the same level of contraction in December that it experienced the previous month, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for December was 47.2 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was the same as November, and meant the last quarter of 2022 ended in contraction for all three months. BusinessNZ’s Director, Advocacy Catherine Beard said that the December result showed little in the way of a move towards expansion, and again ... (full story)