"It's been a New Year gearshift, out of reverse," said BNZ senior economist Craig Ebert. "However, these are not what you’d call strong results – in total, and especially when delving into the details." (Reporting by Lucy Craymer Editing by Chris Reese)
WELLINGTON, March 10 (Reuters) - New Zealand's
manufacturing sector expanded in February but remains below the
long-term average, a survey showed on Friday.
The Bank of New Zealand-Business NZ's seasonally adjusted
Performance of Manufacturing Index (PMI) rose to 52 in February
from 51.2 in January. New orders rose to 52, up from 49.2 in the
prior month.
A reading above 50 indicates manufacturing activity is
expanding, while anything below that threshold points to
contraction.
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