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Manufacturing steady

Manufacturing steady

The latest ANZ-Business NZ PMI recorded a slight expansion of manufacturing activity in New Zealand in July.

The PMI reading for July was 51.6 (figures above 50 indicate expansion). This was down 1.6 points on the previous month and returned the index to the level prevailing in January, since when it has hovered in a range broadly consistent with steady to slightly expansionary activity levels.

The petroleum, coal, chemical & associated product sector (55.9), machinery & equipment sector (55.9) and the metal product sector (54.3) recorded the strongest levels of expansion in July.

Canterbury/Westland, usually the most buoyant region, fell below 50 points for only the second time since the survey began eleven months ago. All other regions recorded expansion in July.

Manufacturers taking part in the survey noted a pick-up in demand from Australia (New Zealand's largest market for manufactured goods). Manufacturers supplying the domestic building industry also commented on ongoing growth in that sector.

Full results are available on http://www.anz.co.nz under 'ANZ Spotlight/Economics' and on http://www.businessnz.org.nz under 'PMI Reports'.

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