NZ manufacturing PMI falls to 49.9 in May
The New Zealand manufacturing sector slipped into contraction in May, with the PMI falling to 49.9 from 50.4 in April.
The decline was attributed to weak demand, high fuel costs, and Middle East tensions.
The PMI reading below 50 indicates contraction, but the modest scale of the decline limits the immediate impact on monetary policy.
Micro-firms struggled the most, with a sub-index of 46.0, while large firms outperformed with a sub-index of 57.6.