New Zealand BusinessNZ Performance of Manufacturing index dropped from 54.3 to 50.6 in November. Looking at some details, production dropped from 53.2 to 52.2. Employment dropped from 51.7 to 48.2. New orders rose from 54.2 to 54.7. Finished stocks dropped from 54.6 to 48.3. Deliveries dropped from 59.9 to 42.9.
BNZ Senior Economist, Doug Steel stated that “the PMI implications for economic (and employment) growth seem clear – soft. But with obvious difficulties remaining on the supply side, we’d suggest that inflation is still rising.”
