New Zealand BusinessNZ Manufacturing index dropped to 48.7 in December, down from 54.7. The manufacturing was again in contraction after staying in enlargement territory for six straight months. Taking a look at some particulars, manufacturing dropped from 55.0 to 51.5. Employment dropped from 51.3 to 49.9. New orders dropped from 56.5 to 49.9. Completed shares dropped from 59.2 to 45.9. Deliveries additionally dropped from 51.5 to 44.5.
BNZ Senior Economist, Doug Metal mentioned that “the PMI’s three-month transferring common sits at an expansionary 51.8, albeit under its long-term common of 53.0. This all suggests some enlargement within the closing quarter of final yr, however the softer December month suggests some warning heading into the New 12 months.”
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