New Zealand BusinessNZ Performance of Manufacturing Index rose to 54.0 in September, up from 41.0. Looking at some details, production rose from 51.6 to 56.5. Employment turned back to expansion, rose from 49.2 to 51.6. New orders surged sharply from 54.2 to 58.1.
BNZ Senior Economist, Doug Steel said that “although the September PMI pushed above its long-term average of 53.0, it should not be confused with above average activity levels. Rather, it indicates growth off the low base set earlier in the year. Growth has not yet been enough to recoup previous loses, but some progress is being made”.
