The manufacturing sector in New Zealand continued to expand in December, albeit at a sharply lower rate, the latest survey from Business NZ revealed on Friday with a PMI score of 51.2.
That's down from 57.7 in November, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
It also marks a five-year low score for the index.
All five of the sub-indexes fell in December, with the biggest drop coming from new orders (57.3 down to 50.2).
"Anecdotal evidence, across the economy, suggests there was a post-election hiccup in activity as businesses put off major spending," BNZ said in a statement accompanying the data.
by RTT Staff Writer
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