WELLINGTON – Manufacturing activity in New Zealand expanded in July, but the manufacturing index remains short of its longterm average, a survey showed on Friday.
The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) nudged up to 52.7 from June’s reading of 50.
A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction. The index’s longterm average is 53.1.
(Reporting by Lucy Craymer; Editing by Leslie Adler)