Employment slowdown in New Zealand slow manufacturing activity growth in May
Manufacturing activity growth in New Zealand eased in May due to a slowdown in employment, a survey showed on Friday.
The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) fell 4.6 points from the previous month to 54.5. The contracting employment sub-index dragged on the overall result, though the index remained at historically high levels.
A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.