The production sector in New Zealand continued to expand in December, albeit at a dramatically lower rate, the latest study from Service NZ exposed on Friday with a PMI score of 51.2.
That’s down from 57.7 in November, although it remains above the boom-or-bust line of 50 that separates growth from contraction.
It also marks a five-year low score for the index.
All 5 of the sub-indexes fell in December, with the most significant drop originating from brand-new orders (57.3 down to 50.2).
“Anecdotal evidence, throughout the economy, suggests there was a post-election misstep in activity as businesses put off significant spending,” BNZ stated in a statement accompanying the information.
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