New Zealand data – December manufacturing PMI plunges to 43.1, from 46.5

<p>The BNZ – BusinessNZ Performance of Manufacturing Index (PMI) slumped even further into contraction in December, to 43.1</p><ul><li>from 46.5 in November</li><li>lowest level since October</li><li>has been in contraction for ten consecutive months</li><li>second lowest of 2023</li></ul><p>BusinessNZ says:</p><ul><li>July-December activity averaged only 45.0</li><li>In December the key sub-index of Production (40.5) was at its lowest point for a non-lockdown COVID month since March 2009</li></ul><p>BNZ comments:</p><ul><li>“the December PMI reaffirms our view that economic conditions remain very difficult. While we expect the economy, and the manufacturing sector, to gain some momentum by end 2024, the next few months will remain challenging especially with retail spending and construction activity being under pressure"</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.