Activity in New Zealand’s manufacturing sector dropped further during October, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for October was 42.5 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was down from 45.1 in September, and the lowest level of activity for a non-COVID affected month since May 2009. The October result represented the fifth consecutive drop in activity levels, and significantly below the long-term average activity rate of 52.8. BusinessNZ’s Director, Advocacy ... (full story)