NZ manufacturing slips into contraction
Thu, 16 Aug 2012 1:25p.m.
New Zealand manufacturing sector slipped into contraction in July, falling to its lowest level in three months, according to the BNZ-BusinessNZ performance of manufacturing index (PMI).
The PMI stood at 49.4 in July in seasonally adjusted terms, down 0.6 points from the June reading. Compared with previous July readings it's the lowest result since 2008. A reading of 50 separates a contraction from an expansion.
July's PMI was a "bit of a worry" affected by international concerns and the high New Zealand dollar, Bank of New Zealand economist Craig Ebert said.
Three of the four regions were in contraction last month, with the Northland region unchanged on 49.3 points, the Canterbury/Westland region on 49.1 and Otago/Southland on 45.8 points. The Central region bucked the trend up 3 points to 50.7 after three months of contraction.
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