New Zealand Manufacturing PMI Improves To 48.9 In May - BusinessNZ
(RTTNews) - The manufacturing sector in New Zealand continued to contract in May, albeit at a slower pace, the latest survey from BusinessNZ revealed on Friday with a manufacturing PMI score of 48.9.
That's up from the downwardly revised 48.8 in April (originally 49.1) and was well shy of forecasts for 50.2.
Among the individual components, finished stocks (51.5) and new orders (50.8) expanded, while deliveries (46.0), production (45.7) and employment (49.5) contracted.
"The range of results in the sub-components is mirrored in the breadth of issues manufacturers are now highlighting in the survey. Gone is the dominance of supply-side laments, especially regarding staff. But new negatives have arisen, for all of them to (still be) outnumbering the positive issues referenced," said BNZ Senior Economist, Craig Ebert.
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