The manufacturing sector in New Zealand swung into contraction territory in July, the latest survey from Business NZ revealed on Friday with a Manufacturing PMI score of 48.2.
That’s down sharply from 51.1 in June, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction.
It also represents the survey’s lowest score since August 2012.
Individually, deliveries, employment and new orders were in contraction, while production and finished stocks continued to expand.
“While July’s result is no dead-set that the economy at large is contracting, the shrinkage is certainly something to take note of,” BNZ Senior Economist Craig Ebert said.
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