New Zealand’s manufacturing activity steady in February: survey

[SYDNEY] New Zealand’s manufacturing index was nearly unchanged in February and remained above average as activity showed a consistent level of expansion, a survey showed on Friday.

The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index stood at 55 in February, compared with 55.1 in January and 56 in December, the first time in nearly five years the index has recorded three straight months above the 55 mark.

A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction.

Manufacturers reported more orders, customer enquiries, and sales, supported by stronger export demand and improving conditions in certain sectors, alongside a gradual pickup in business confidence, the survey said. REUTERS