New Zealand manufacturing picks up in September but still in contraction, survey says
SYDNEY, Oct 11 (Reuters) -New Zealand's manufacturing sector showed higher levels of activity for September but still remained in contraction for the nineteenth straight month, a survey showed on Friday.
The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) rose to 46.9 in September from a revised 46.1 in August. New orders nudged higher to 47.8 from 47.3 in the prior month.
A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction.
"The good news was that the PMI is now at its highest result since April. The bad news though was that it appears to be a long and slow road to get the sector back into positive territory," BusinessNZ's Advocacy Director Catherine Beard said in a statement.
Reporting by Renju Jose in Sydney; Editing by Chris Reese
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