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New Zealand manufacturing activity cools in March: BNZ survey
[WELLINGTON] Manufacturing activity in New Zealand cooled in March as production and new orders dropped, a survey showed on Friday.
The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) fell to 51.9 from 53.7 in the previous month. It is the lowest level of activity recorded since July 2018.
A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.