New Zealand Manufacturing Index Surges In June - BusinessNZ
(RTTNews) - The manufacturing sector in New Zealand continued to expand in June, and at a much faster rate, the latest survey from BusinessNZ revealed on Thursday with a Performance of Manufacturing Index score of 59.7.
That's up from the upwardly revised 51.5 (originally 49.9) and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, employment (55.8), new orders (64.1), finished stocks (56.9), deliveries (57.3) and production (59.4) were all firmly in expansion territory.
"Frankly, we are staggered by the extent the Index has jumped. From a war afflicted seasonally adjusted low of 50.6 in April the index has surged to 59.7 in June to its highest level since July 2021, which was during the COVID economic bounce-back. Exclude this and you need to go back to May 2017 to get a better reading," said BNZ Head of Research Stephen Toplis.
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