New Zealand Manufacturing Index Slips Into Contraction - BusinessNZ
(RTTNews) - The manufacturing sector in New Zealand dropped into contraction territory in August, the latest survey from BusinessNZ revealed on Friday with a Performance of Manufacturing Index score of 49.9.
That's down from 52.8 in July and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, production (46.6), employment (49.1) and finished stocks (47.1) contracted, while deliveries (50.5) and new orders (55.2) expanded.
"Manufacturers are continuing to do it tough. We believe the general trend in the economy is still upwards, but indicators are often choppy around a turning point," BNZ Senior Economist Doug Steel said.
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