New Zealand Manufacturing Sector Shows Signs of Improvement in July
Manufacturing activity in New Zealand saw a slight uptick in July, with the Bank of New Zealand-Business NZ's Performance of Manufacturing Index (PMI) rising to 44 from 41.2 in the previous month.
A reading above 50 signifies expansion, while a reading below indicates contraction.
BNZ's senior economist, Doug Steel, noted that while July's PMI was an improvement from June, the sector still faces challenges.
Steel highlighted that the data reflects a manufacturing sector that is struggling and under pressure.
Analysis:
- The manufacturing sector in New Zealand showed some improvement in July, as indicated by the rise in the PMI from the previous month.
- Despite the increase, the sector is still facing difficulties and remains in a contraction phase.
- This information is important for investors and individuals looking to understand the current state of the New Zealand economy and make informed financial decisions.