New Zealand Composite PMI Slips to 3-Month Low

The BusinessNZ Performance of Composite Index rose to 49.4 in April 2026 from a downwardly revised 48.7 in the previous month, which was the lowest reading since last August. It marked the second straight contraction, though at a softer pace, as the services sector contracted for the third consecutive month, while manufacturing recorded the softest expansion in seven months. New orders in the manufacturing sectors contracted after growing in March, delivery times lengthened further, while production growth and finished stocks eased. Meanwhile, employment increased at a faster pace. On the other hand, despite the softer expansion in April, new orders in the services sector returned to growth, while the other four sub-indexes remained in contraction territory, with supplier deliveries posting the weakest reading.

The BusinessNZ Performance of Composite Index fell to 48.8 in March 2026 from a downwardly revised 50.1 in the previous month, marking the lowest reading since last August. The latest reading was also the first contraction in four months, as the services sector contracted at the fastest pace in 10 months, while manufacturing marked the softest expansion since last November. New orders, finished stocks, production, and employment remained in expansion, led by new orders despite a downturn from the previous month, while deliveries stabilized. “So poor was the PSI reading that our combined PMI/PSI indicator is suggesting the economy could soon be contracting. While we are not forecasting a recession, these data support our recent decision to significantly downgrade our growth expectations for 2026,” BNZ’s Head of Research, Stephen Toplis, said

The BusinessNZ Performance of Composite Index fell to 50.5 in February 2026 from a downwardly revised 52.3 in the previous month, marking the lowest reading since last November. The slowdown came as the services sector contracted for the first time in three months, even as manufacturing activity remained relatively robust. Growth in output, new orders, and employment all eased to their weakest pace since November, indicating softer overall momentum. Meanwhile, inventories declined after rising over the prior two months, suggesting some firms drew down stock levels. Supplier delivery times continued to lengthen, though at a slower pace, pointing to a slight easing in supply-chain delays.