New Zealand - BusinessNZ manufacturing PMI for April 26.1

There was no PMI published for March from BusinessNZ

April 2020 is a record low, the indicator had hit 36.1 in November 2008, during the Global Financial Crisis.

BusinessNZ's executive director for manufacturing Catherine Beard:

• "Looking at comments from respondents, only two words stand out, namely COVID-19 and lockdown, with 89.7% of respondents outlining negative comments"
• "With level 3 in place since 28 April, along with the country entering level 2 on 14 May, a greater sense of normality will hopefully be present for most manufacturers during the second half of May. This should see a return to relatively stronger levels of activity. However, to what extent the sector climbs out of rock bottom will largely depend on the ability to get new orders up and running, along with revised factory floor processes for production"

BNZ Senior Economist, Doug Steel

• "recent negative PMI readings from around the world illustrate the widespread economic pain being felt. New Zealand's April reading is lower than other countries we often compare ourselves to, which tallies with suggestions that NZ restrictions have been tighter than many".