The manufacturing sector in New Zealand continued to contract in June, albeit at a slower rate, the latest survey from BusinessNZ revealed on Friday with a Performance of Manufacturing Index score of 48.8.
That’s up from the downwardly revised 47.4 in May (originally 47.5) and it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components, finished stocks (46.9), deliveries (47.7), production (48.6) and employment (47.9) all were in contraction, while new orders (51.2) expanded.
“Looking across the PMI sub-indices, they all remain well below their historical averages. Despite talk of an economic recovery, conditions are still very tough,” said BNZ Senior Economist Doug Steel.
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