The manufacturing sector in New Zealand continued to contract in September, albeit at a slower pace, the latest survey from BusinessNZ revealed on Friday with a manufacturing PMI score of 46.0.
Thats up from the upwardly revised 46.1 in August (originally 45.9), although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components, production (48.0), employment (4.6.6), new orders (47.8), finished stocks (4.6.6) and deliveries (45.6) all remained in contraction.
While all sub-indices remain well below their historical average, four of the five series have moved closer to breakeven in the last three months since June, said BNZ Senior Economist Doug Steel.