New Zealand BNZ Performance of Manufacturing Index rose slightly from 53.6 to 53.8 in March. Production dropped from 51.7 to 50.9. Employment rose from 52.0 to 52.4. New orders rose from 58.6 to 61.0. Finished stocks rose from 50.2 to 53.5. Deliveries dropped from 53.1 to 51.9.
BNZ Senior Economist, Doug Steel stated that “Omicron’s impact may not be as harsh as the first 2020 COVID lockdown or last year’s Delta lockdown, but it’s there. Production has struggled, with the index slipping to 50.9 in March and a bit further below its long-term average.”
