Manufacturing Sector Holds Above Expansion Threshold

The BNZ-BusinessNZ PMI remained in expansion at 53.2 for March 2026, though a sharp rise in negative outlooks suggests future headwinds from Middle East conflict.

By: AXL Media

Published: Apr 10, 2026, 6:11 AM EDT

Source: RNZ Pacific

Sub-Index Performance

While the overall index remains positive, the internal data shows a shift in how businesses are operating. All five sub-indices stayed in expansionary territory, but the drivers of growth have changed:

Gains: Employment and finished stocks saw an uptick.

Slowing: New orders, production, and deliveries of raw materials all showed signs of deceleration compared to previous months.

BNZ senior economist Doug Steel suggested that the strength in finished stocks might be a strategic "cushioning" move, with firms potentially stockpiling and building up inventory to mitigate future supply chain disruptions caused by the Middle East conflict.

Rising Pessimism and Energy Shocks