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New Zealand Manufacturing Shrinks for Record 18th Straight Month
New Zealand’s manufacturing industry has contracted for a record 18th consecutive month, adding to signs the economy has stalled under the weight of high interest rates. The Performance of Manufacturing Index rose to 45.8 in August from a revised 44.4 in July, Business New Zealand and Bank of New Zealand said Friday in Wellington. The index was last above 50, indicating expansion, in February 2023. Data next week is forecast to show the economy shrank in the three months through June, while the Reserve Bank is projecting a further contraction in the third quarter that would tip the nation into its third recession ... (full story)
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- Posted: Sep 12, 2024 8:20pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,755
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