BNZ – BusinessNZ Performance of Manufacturing Index (PSI), AKA the New Zealand Manufacturing PMI.
For October 2023, comes in at 42.5, down from September’s 45.3.
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.
BNZ Senior Economist, Doug Steel:
“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”.