SYDNEY (Reuters) – Manufacturing activity in New Zealand expanded in February, hitting the highest levels since August 2022, helped by strong results at the key index for production and new orders, a survey showed on Friday.
The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) rose to 53.9 in February from a revised 51.7 in January. New orders edged higher to 51.5 from 51.3 in the prior month.
A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction.
“It is one of several indicators that suggests the broader economy is turning for the better. Indeed, it indicates the pickup may be a bit faster than we are currently forecasting,” BNZ Senior Economist Doug Steel said in a statement.
(Reporting by Renju Jose in Sydney)
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