NZ manufacturing shrinks at slower pace in September, new orders dwindle

Wed, 10 Oct 2012

By Hannah Lynch Oct. 11 (BusinessDesk) - New Zealand's manufacturing activity shrank for a fourth month in September, as new orders fell to the lowest level since May 2009. The BNZ-BusinessNZ performance of manufacturing index (PMI) rose to 48.2 last month from 47.2 in August, indicating the pace of contraction is slowing. A level of 50 marks the difference between contraction and expansion. Four of the five seasonally adjusted diffusion indexes were in contraction in September. New orders slipped 2 points to 45.9. Employment edged up 3.7...

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