BusinessNZ Manufacturing PMI for September 51.4 (prior 40.1)

• “Prior to the lockdown, the PMI averaged close to 60 since the start of 2021, which means expansion has some way to go before getting back to what was seen during the first half of the year.”
• “In addition, the proportion of negative comments from respondents remains high at 71%, although slightly down from the 78% recorded in August.”

BNZ

•  ”the rebound the PMI experienced in September was encouraging, although the survey is not without some still‐frayed parts.  Credit where it’s due though, as the NZ PMI traced much less of a contraction, and quicker stabilisation, compared to what it went through during the initial outbreak of COVID‐19.”