New Zealand BusinessNZ Performance of Manufacturing Index was unchanged at 47.2 in December. Looking at some details, production ticked up from 49.5 to 49.7. Employment rose from 46.9 to 48.8. New orders rose from 42.2 to 46.1. Finished stocks dropped from 55.5 to 50.1. Deliveries dropped from 49.6 to 48.4.
BNZ Senior Economist, Doug Steel stated that the latest PMI result “broadly fits with the clear decline we already expect for manufacturing GDP in Q4 with further slippage expected in Q1”.