New Zealand's Manufacturing Sector Expands For First Time In 17 Months

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New Zealand's Performance of Manufacturing Index or PMI stood at a seasonally adjusted 51.7 in September, up 2.9 points from August, the latest report from Business New Zealand said Thursday. A reading above 50 indicates expansion, while one below 50 suggests contraction. September marks the first expansion recorded in the manufacturing sector since April 2008.

In September, four of the five sub-indicators showed expansion. New orders surged to 56.3 from 50.7 in August, reaching its highest level in nearly two years. Production bounced back from a decline to stand at 51.6, up from 48.8 in the previous month. The employment sub-index expanded for the first time since January 2008 and stood at 51.2, up from 47 in August. Deliveries of raw materials stood at 51.1, marking the first expansion recorded in the index in 16 months, while the finished stocks index was at 44.4, down from 48.8 in the preceding month.

Further, Business NZ revealed that manufacturing activity in September was expansionary across all regions in New Zealand.

New Zealand's Performance of Manufacturing Index or PMI stood at a seasonally adjusted 51.7 in September, up 2.9 points from August, the latest report from Business New Zealand said Thursday. A reading above 50 indicates expansion, while one below 50 suggests contraction. September marks the first expansion recorded in the manufacturing sector since April 2008. (Market News Provided by RTTNews)