New Zealand manufacturing activity expands in September

[WELLINGTON] Manufacturing activity in New Zealand expanded at a slightly faster pace in September from the previous month as production picked up and new orders continued to improve, a survey showed on Thursday.

The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) rose 0.3 points to 55.4, the highest level of activity since February.

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

"Production was at its highest level since December last year, while new orders continued to improve. Overall, this should flow through into healthy results for the last quarter of the year," said Business NZ's executive director for manufacturing Catherine Beard.

REUTERS