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)