The manufacturing sector continued to expand in January, albeit at a slower rate, the latest survey from BusinessNZ revealed on Friday with a Performance of Manufacturing Index score of 55.2.
That’s down from 56.1 in December, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, production (56.6), employment (52.9), new orders (56.4), finished stocks (50.9) and deliveries (53.3) all were in expansion.
“The January PMI provides further evidence that the economy has finally turned the corner. It is consistent with our forecasts and a breadth of indicators suggesting decent economic growth,” BNZ Senior Economist Doug Steel said.
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