New Zealand Manufacturing PMI drops to 42.5 in October 2023

<p>BNZ – BusinessNZ Performance of Manufacturing Index (PSI), AKA the New Zealand Manufacturing PMI.</p><p>For October 2023, comes in at 42.5, down from September's 45.3.</p><p>This is apoor report indeed. NZD/USD is dribbling a little lower, circa 0.5895 or so. It fell alongside nearlet all other 'risk' after the US session – a poor bond auction and then Powell gave everything a kick too. </p><p>BNZ Senior Economist, Doug Steel:</p><ul><li>“today’s PMI is not a good look for GDP and employment growth. Our GDP forecasts already include a decline in the manufacturing sector in the second half of 2023. There’s a chance that decline is bigger than we think, if the PMI does not bounce in the final months of the year”.</li></ul>

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