Manufacturers are in recession, facing a “perfect storm” of soaring costs and stalling sales.
The last six-month period was the toughest for years and the downturn may carry on through the second half of the year, according to business leaders.
The Business New Zealand/Bank of New Zealand manufacturers’ index of activity was 45.7 in June, down 2.2 points from May. A figure under 50 shows the sector is contracting, and above 50 it is expanding.
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Tags: Dollar collapse, Economic meltdown
