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Financial News: New Zealand Manufacturing Sector Recovers In June

New Zealand Manufacturing Sector Recovers In June

07/17/2020 - 01:49:00 (RTTNews)

(RTTNews) - New Zealand manufacturing sector expanded for the first time since February, survey data from the BusinessNZ showed Friday.

The Performance of Manufacturing Index rose to 56.3 in June from 39.8 in May. This was the highest since April 2018.

Any reading above 50.0 indicates expansion in the sector.

"A return to expansion for the sector was obviously a welcome result given the very difficult period experienced over the last three months," BusinessNZ's Executive Director Catherine Beard, said.

Production and new orders expanded at the fastest pace since April 2018. Expansion in the new orders over the coming month would ensure the second half to be better than the first, Beard said.

"New Zealand's PMI average through April and May was at the bottom when looking across usual comparator countries," BNZ Senior Economist, Doug Steel said.

"But with the country at alert level 1, activity has picked up. Long may it continue," Steel added.

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