The manufacturing sector in New Zealand continued to expand in February, and at a faster pace, the latest survey from BusinessNZ revealed on Friday with a PMI score of 52.0.
That's up from 51.2 in January, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, deliveries (51.8), finished stocks (55.8), new orders (52.0) and employment (54.0) all expanded, while production (49.4) was in contraction.
"It's been a New Year gearshift, out of reverse. However, these are not what you'd call strong results - in total, and especially when delving into the details. That said, February's PMI, like January's, did denote expansion, overall, and is not all that far shy of its long-term average of 53.0," said BNZ Senior Economist Craig Ebert.
