New Zealand Manufacturing PMI

The BusinessNZ Performance of Manufacturing Index (PMI) for January in New Zealand rose to 51.4, marking the first expansion in the sector in 23 months, up from December’s 46.2. This increase represented the highest level of growth since September 2022, though it still fell short of the long-term average of 52.5. Nevertheless, the January result signaled a positive shift following an extended period of contraction. All key sub-indices showed growth, with Production and New Orders both reaching 50.9, the latter achieving its highest level since August 2022. Employment rose to 50.2, and Finished Stocks climbed to 51.9, the highest since May 2024. Negative comments from respondents decreased slightly to 57.7%, reflecting a reduction in concerns despite the ongoing soft economy and the holiday break. Although challenges persist, the January result provides a promising outlook for the sector as it moves into 2025.