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New Zealand manufacturing activity expands at slower pace in August

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Manufacturing activity in New Zealand grew at a slower pace in August due to a drop in expansion in employment and production, a survey showed on Thursday.

[WELLINGTON] Manufacturing activity in New Zealand grew at a slower pace in August due to a drop in expansion in employment and production, a survey showed on Thursday.

The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) rose to 55.1 from 55.5 the previous month.

A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.

REUTERS