The manufacturing sector in New Zealand continued to expand in September, and at a faster rate, the latest survey from BusinessNZ revealed on Friday with a Purchasing Managers Index score of 54.0.
That’s up from 51.0 in August and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components, production (56.5), employment (51.6) and new orders (58.1) expanded — while deliveries (49.8) and finished stocks (49.0) were slightly in contraction territory.
«Although the September PMI pushed above its long-term average of 53.0, it should not be confused with above average activity levels. Rather, it indicates growth off the low base set earlier in the year. Growth has not yet been enough to recoup previous loses, but some progress is being made,» BNZ Senior Economist, Doug Steel said.
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