New Zealand manufacturing activity dips in January

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Containers sit stacked at a port terminal with residential houses on a hill behind in Wellington, New Zealand

WELLINGTON – New Zealand’s manufacturing sector saw a reduction in the level of expansion in the first month of 2022, a survey showed on Friday.

The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) dropped to 52.1 from 53.7 in the previous month.

A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.

(Reporting by Praveen Menon)