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New Zealand manufacturing activity falls in June after May high: survey
[WELLINGTON] Manufacturing activity in New Zealand fell in June after hitting a 16-month high in the previous month, a survey showed on Friday.
The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) fell to 56.2 from 58.2 the previous month, when it had been at its highest levels since January 2016.
A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction. "While it was always going to struggle to match its 58.2 level of May, at 56.2 in June the PMI was still nicely above average," said Craig Ebert, a senior economist at BNZ.