It is concerning that the PMI has gone into contraction for the first time in 7 years. This monthly manufacturing survey indicates that manufacturers are finding demand slowing down, both from NZ customers and from export markets as well. Innovation and productivity improvements are a couple of ways to cope with tough times. See my report below on what industry 4.0 means for manufacturers and check out the IRD calculator below to see if you are eligible for R&D tax credits.