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Manufacturing picks up

Manufacturing picks up

Manufacturing activity lifted slightly in June but continued to hover round the threshold mark between expansion and decline, according to the ANZ-Business NZ Performance of Manufacturing Index released today.

The June PMI was 53.2, up from 49.6 in May (a PMI reading above 50 points indicates manufacturing is generally expanding; below 50 indicates it is contracting).

It was the first time since March that manufacturing has shown general expansion.

All five sub-indexes, production, employment, new orders, finished stocks and deliveries, recorded expansion.

However manufacturers noted a slowing in demand and commented on compliance costs and the high New Zealand dollar.

New Zealand's PMI performance in June - moving towards modest expansion after two months of decline - returns it to a level similar to that prevailing in Australia.

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