NZ manufacturing slips into contraction in July, first time in 3 months

Wed, 15 Aug 2012

By Hannah Lynch Aug. 16 (BusinessDesk) - New Zealand manufacturing sector slipped into contraction in July, falling to its lowest level in three months, according to the BNZ-BusinessNZ performance of manufacturing index (PMI). The PMI stood at 49.4 in July in seasonally adjusted terms, down 0.6 points from the June reading. Compared with previous July readings it's the lowest result since 2008. A reading of 50 separates a contraction from an expansion. July's PMI was a "bit of a worry" affected by international concerns and the high New Ze...

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