The New Zealand Business NZ PMI dropped in June to 47.5 from 48.9 in May, against expectations of an increase to 49.8. The data reflects the manufacturing sector showed further contraction in June. It is the lowest reading since November 2022 and below the long-term average of 53.0

“The key sub-index values of Production (47.5) and New Orders (43.8) dragged the June result further into contraction, while Employment (47.0) also shifted down a gear. Any return to long run activity levels needs these sub-index values returning to positive territory”, the report mentioned.