A dip on the month.

BusinessNZ's Director, Advocacy Catherine Beard remarks:

  • "New Orders (54.7) has remained very consistent over the last three months.
  • Production (52.2), while positive, has remained somewhat lacklustre.
  • Employment (48.2) fell back into contraction for the first time since December 2020,
  • while Finished Stocks (48.3) and Deliveries (42.9) both returned in contraction after exhibiting expansion in October."
  • "In addition, the proportion of negative comments from respondents rose to 57.6% in November, compared with 55.4% for October and 71% in September."

BNZ Senior Economist, Doug Steel:

  • “the PMI implications for economic (and employment) growth seem clear – soft. But with obvious difficulties remaining on the supply side, we’d suggest that inflation is still rising."

Bolding is mine (OK, the bolding does not appear to have taken effect, it was re soft employment and rising inflation). Soft employment and rising inflation is not a positive combination (it suggests a bout of stagflation).