The Business NZ reported on Friday that the New Zealand Business PMI came in at 46.1 in August from July’s print of 46.3.
“While the key sub-index components of New Orders (46.6) and Production (43.9) improved slightly from July, the trend since March has seen them all but entrenched in contraction. Any movement towards overall expansion in the sector needs to see a sustained lift above 50.0 for both of these key PMI components. Again, only Finished Stocks (52.1) remained in positive territory for August.”, said BusinessNZ’s Director, Advocacy Catherine Beard.
Market reaction
The above economic data fails to move the needle around the New Zealand Dollar. NZD/USD is trading at 0.5911, unchanged on the day.
Source: https://www.fxstreet.com/news/new-zealand-business-pmi-came-in-at-461-in-august-vs463-prior-202309142239