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Growth slows for second straight month in New Zealand manufacturing

Xinhua, December 16, 2016 Adjust font size:

Expansion in New Zealand's manufacturing slowed for the second month running in November, the latest Performance of Manufacturing Index (PMI) out Friday.

The BNZ-Business New Zealand PMI for November was 54.4, on a scale where above 50 indicates expansion and below 50 contraction.

It was 0.7 points lower than October and the lowest level of expansion since October 2015, although the sector has been in expansion in almost all months since October 2012.

Business New Zealand executive director for manufacturing Catherine Beard said the fundamentals of the PMI survey remained healthy despite softening for two consecutive months.

"While employment (48.6) went into slight contraction for November, production (57.9) remained unchanged from October, while new orders (58) increased 3.1 points," Beard said in a statement.

BNZ senior economist Craig Ebert said in the statement that "while the PMI slowed to a 13-month low in November, this seems nothing to lose sleep over given it is still above its long-term average of 53.2." Endit