SYDNEY (Reuters) -Manufacturing activity in New Zealand slightly rose in June but still remained in contraction as businesses continue to grapple with weak consumer demand, high living costs and economic uncertainty, a survey showed on Friday.
The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) edged higher to 48.8 in June from a revised 47.4 in May. The new orders index rose to 51.2 from a revised 45.4 in the prior month.
A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction.
“Looking across the PMI sub-indices, they all remain well below their historical averages. Despite talk of an economic recovery, conditions are still very tough,” BNZ Senior Economist Doug Steel said in a statement.
(Reporting by Renju Jose in Sydney; Editing by Chris Reese)
Comments