NZ manufacturing activity rises in April

[WELLINGTON] Manufacturing activity in New Zealand rose in April due to strong expansion in production and new orders, a survey showed on Thursday.

The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) rose to 56.5 from 54.7 the previous month, its highest monthly rise since January.

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

"The bounce in April, to 56.5, not only arrests that previous mild momentum loss, but affirms the underlying above-average growth pulse that the manufacturing sector has displayed for many months now," BNZ senior economist Doug Steel said in a statement.

REUTERS