New Zealand July Manufacturing PMI 44.0 (prior 41.1)Business NZ Manufacturing PMI for July 2024 records its 17th consecutive month of contraction.
- some small signs of improvement
- still significantly below its long-term average of 52.6
BusinessNZ's Director, Advocacy Catherine Beard:
- sector continuing to strugglee
BNZ's Senior Economist Doug Steel:
- manufacturing activity will turn when the broader economy turns
- Easing monetary conditions will help in this regard, but it will take time for the likes of a lower OCR to generate a general pick up in sales
This article was written by Eamonn Sheridan at www.forexlive.com.
Source: New Zealand July Manufacturing PMI 44.0 (prior 41.1) (https://www.forexlive.com/news/new-zealand-july-manufacturing-pmi-440-prior-411-20240815/)
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