WELLINGTON: Manufacturing activity in New Zealand rebounded to a nine-year high in July, driven by strong gains in production and new orders, a survey showed on Thursday.
The Bank of New Zealand-Business NZ's seasonally adjusted performance of manufacturing index (PMI) rose to 59.5, from an upwardly revised 55.2 in June. The index was at its highest level since June 2004.
A reading above 50 indicates an expansion in activity, and below a contraction.
The survey showed four of the PMI's five sub-indices rose during the month, showing strong gains for production, new orders, deliveries, and a modest lift in employment. There was a fractional dip in finished stocks, although they remained in expansion.
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