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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.