The manufacturing sector in New Zealand moved up into expansion territory in July, BusinessNZ said on Friday with a seasonally adjusted Performance of Manufacturing Index score of 52.8.
That’s up from 49.2 in June and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, production (53.6), employment (50.1), new orders (54.2), finished stocks (51.8) and deliveries (51.9) all expanded.
“Given the prevailing headwinds it is, perhaps, even more encouraging that the PMI has moved back into expansion. It will need to be sustained or nudge a bit higher to be consistent with our economic forecasts, but it is good to see a move for the better,” BNZ Senior Economist Doug Steel said.
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