New Zealand manufacturing activity slides in January

[WELLINGTON] Manufacturing activity in New Zealand fell sharply in January to a two-year low, led by a decline in production, a survey showed on Thursday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of manufacturing index (PMI) fell to 50.9, the lowest since December 2012, from 57.1 in the previous month.

A reading above 50 indicates an expansion in activity; anything below that indicates a contraction.

Production fell into contraction for the first time since April 2012, all the other four sub-indices were in expansion although new orders and deliveries slowed.

REUTERS