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New Zealand manufacturing activity slows in April
[WELLINGTON] Manufacturing activity in New Zealand slowed to a three-month low in April, led by a fall in production, deliveries and new orders, a survey showed on Thursday.
The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) fell to 51.8 from an upwardly revised 54.6 in the previous month.
A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.
All five sub-indices were in expansion, with the employment sub-index the only one to rise during the month.
Business NZ said the sharp rise in the New Zealand dollar against the Australian dollar last month, which came close to parity at one stage but has since reversed, appeared to weigh on respondents.