New Zealand Manufacturing Growth Slows in April Amid Weakening Demand, Says BusinessNZ
New Zealand's manufacturing sector showed only marginal growth in April, as weakening demand and production pointed to a clear slowdown amid rising global uncertainty and softer business conditions, BusinessNZ said on Friday.The BusinessNZ Performance of Manufacturing Index (PMI) for April fell to 50.5 on a seasonally adjusted basis from March's 52.8, indicating a slowdown in growth and sitting below the long-term average of 52.5.The proportion of respondents reporting adverse effects on their business performance rose to nearly 64%, up from 62% in March, with many attributing this to the impact of the war involving Iran, said Catherine Beard, BNZ's director of advocacy.Among the sub-indices, production fell to 51.7 from 53.4, finished stocks decreased to 50.5 from 53.8, employment increased to 53.4 from 51.8, deliveries declined to 46.5 from 49.6, and new orders fell to 48.2 from 55.Stephen Toplis, BNZ's head of research, said that PMI had remained "remarkably robust," with March's reading easing from previous months but still above the breakeven line.However, Toplis added that the April survey now suggests the anticipated downturn may have begun.