New Zealand's manufacturing sector contracted for 18 months, with August PMI rising slightly to 45.8, still indicating contraction.
New Zealand's manufacturing sector has contracted for 18 consecutive months, with the August Performance of Manufacturing Index (PMI) rising slightly to 45.8 from 44.4, still indicating contraction. Despite improvements in production and new orders, senior economist Doug Steel notes ongoing challenges. High interest rates are expected to contribute to a potential third recession in two years, though recent cuts to the Official Cash Rate may eventually provide relief.
September 13, 2024
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