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Tough Times
New Zealand’s manufacturing sector showed further contraction in June, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for June was 47.5 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was the lowest level of activity since November 2022, and well below the long-term average activity rate of 53.0. BusinessNZ’s Director, Advocacy Catherine Beard said that the sector remains entrenched in contraction, with eight of the last ten months showing overall activity below the 50.0 point ... (full story)