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New Zealand’s seasonally adjusted BusinessNZ Performance of Composite Index fell to 48.8 in November 2025 from a downwardly revised 50.0 in the prior month, marking its lowest level since August and signaling a return to contraction. The services sector weakened the most in six months, reflecting a challenging economic backdrop marked by subdued consumer confidence, high living costs, elevated inflation and interest rates, and restrained household spending. In contrast, manufacturing activity expanded for a fifth straight month. Total output contracted for a fourth consecutive month, while employment remained soft. Meanwhile, new orders continued to grow, albeit at a slower pace, and supplier delivery times dropped further, in line with easing demand conditions.