"Neither was it much out of line with manufacturing readings across the world of late," he said. (Reporting by Lucy Craymer; Editing by Leslie Adler)
WELLINGTON, April 14 (Reuters) - New Zealand's
manufacturing sector contracted in March and remains well 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) fell to 48.1 in March
from 51.7 in February. New orders fell to 46.7, down from 51.5
in the prior month.
A reading above 50 indicates manufacturing activity is
expanding, while anything below that threshold points to
contraction.
BNZ senior economist Craig Ebert said that as disappointing
as the March PMI was, it wasn’t especially negative in the
longer-term context.
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