New Zealand Manufacturing PMI Improves To 47.3 In January - BusinessNZ

(RTTNews) - The manufacturing sector in New Zealand continued to contract in January, albeit at a slower rate, the latest survey from BusinessNZ revealed on Friday with a Performance of Manufacturing Index score of 47.3.

That's up from the upwardly revised 43.4 in December (originally 43.1), although it remained beneath the boom-or-bust line of 50 that separates expansion from contraction.

Among the individual components, employment (51.3) expanded, while new orders (47.7), finished stocks (47.3), deliveries (49.3) and production (42.1) contracted.

"Across components, employment stood out like the proverbial with a poke back above 50," said BNZ Senior Economist Doug Steel. "This is at odds with deeply negative production and demand indicators like new orders. The whiff of more employment in the PMI might reflect better access to staff, with manufacturers reporting that labor is easier to find."