The Business NZ Performance of Manufacturing Index (PMI), also known as the New Zealand Manufacturing PMI came in at 42.5 in October from September’s print of 45.3.

“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”, said BNZ Senior Economist Doug Steel.

Market reaction

As of writing, NZD/USD is trading at 0.5894, losing 0.10% on the day.