The manufacturing sector in New Zealand continued to expand in February, albeit at a slower pace, the latest survey from BusinessNZ revealed on Friday with a Performance of Manufacturing Index score of 53.4.
That’s down from the upwardly revised 58.0 in January (originally 57.5), although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components, production (57.3), new orders (56.2) and finished stocks (51.2) expanded, while deliveries (47.6) and employment (49.8) contracted.
“Despite the PMI remaining in expansion, the proportion of those outlining negative comments stood at 54 percent, compared with 46 percent in January,” said BusinessNZ Executive Director for Manufacturing Catherine Beard. “Given the second recent partial lockdown, it remains to be seen what impact this will have on the sector over the next few months.”