New Zealand’s Business NZ Performance of Manufacturing Index (PMI) contracted to 47.1 in March from the previous reading of 49.3, according to Business NZ on Friday.
This reading registered the lowest since December 2023 and has now been in contraction for 13 consecutive months.
“The PMI’s average for the first quarter of the year is consistent with manufacturing GDP posting another quarter that is below that of a year earlier, » said TradingPro’s Senior Economist Doug Steel.
MARKET REACTION
At the press time, the NZD/USD pair was up 0.11% on the day to trade at 0.6003.
