The manufacturing sector in New Zealand continued to expand in April, albeit at a slower pace, the latest survey from BusinessNZ revealed on Friday with a PMI score of 51.2.
That’s down from 53.8 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, finished stocks (54.7) and new orders (56.0) expanded, while deliveries (49.5), production (49.1) and employment (49.8) were narrowly contraction.
“Supply problems certainly featured extensively in respondents’ comments, including inferences that COVID, and related absenteeism, remains a big issue, even with recorded case numbers having peaked back in March. This provides valuable context to the negativity in the PMI’s jobs index,” said BNZ Senior Economist Craig Ebert.
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