Manufacturing Activity in New Zealand

WELLINGTON (Reuters) – Manufacturing activity in New Zealand rose in July, but while there was some improvement, the sector continues to struggle.

The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) increased to 44 in July from 41.2 in June. A reading above 50 indicates expansion, while below 50 signifies contraction.

BNZ’s senior economist Doug Steel noted that the best thing to say about July’s PMI is that it was less negative than June’s result. However, the data suggests a manufacturing sector firmly in reverse and under significant duress.