Manufacturing growth slows for 2nd straight month in New ZealandStaff Writer | December 17, 2016
Expansion in New Zealand's manufacturing slowed for the second month running in November, the latest Performance of Manufacturing Index (PMI).
Oceania The BNZ-Business New Zealand PMI for November
It was 0.7 points lower than October and the lowest level of expansion since October 2015, although the sector has been in expansion in almost all months since October 2012.
Business New Zealand executive director for manufacturing Catherine Beard said the fundamentals of the PMI survey remained healthy despite softening for two consecutive months.
"While employment (48.6) went into slight contraction for November, production (57.9) remained unchanged from October, while new orders (58) increased 3.1 points," Beard said in a statement.
BNZ senior economist Craig Ebert said in the statement that "while the PMI slowed to a 13-month low in November, this seems nothing to lose sleep over given it is still above its long-term average of 53.2." ■