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New Zealand manufacturing continues to grow in June

Xinhua, July 14, 2016 Adjust font size:

New Zealand's manufacturing sector continued its long run of growth last month despite concerns over the high value of the New Zealand dollar, according to the latest performance of manufacturing index (PMI) out Thursday.

The BNZ-Business New Zealand PMI for June was 57.7 on a scale where above 50 indicates expansion and below 50 contraction.

The reading was 0.5 points higher than May and continued a run of growth in almost all months since October 2012.

"While we are obviously encouraged by June's (post-Brexit) PMI we are also conscious of the soaring currency. Good economic news comes with a price in FX markets," BNZ senior economist Craig Ebert said in a statement.

Business New Zealand executive director for manufacturing Catherine Beard said the fundamental components of the survey continued to hold up well.

"Both production (60.8) and new orders (61.6) remained above the 60-point range, while employment (53.5) experienced its fourth consecutive rise in activity levels," Beard said in the statement.

A combination of seasonal factors, expanding markets and construction projects helped keep the positive trend going, she said. Endit