The manufacturing sector in New Zealand moved into expansion territory in July, the latest survey from BusinessNZ showed on Friday with a manufacturing PMI score of 52.7.
That's up from the upwardly revised 50 (originally 49.7) and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, employment (52.6) and new orders (50.5) expanded, while finished stocks and deliveries (both 49.4) and production (49.0) contracted.
"Despite the increase in July, the PMI remains shy of its long-term average of 53.1 as it has done so for four consecutive months now. Over that period, the PMI has also shown something of a saw-tooth pattern providing no clear sign of acceleration or deceleration," BNZ Senior Economist Doug Steel said.
