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Reuters
Reuters
Business

New Zealand manufacturing activity growth slows in May - BNZ survey

FILE PHOTO - Cranes located on construction sites are seen near high-rise residential apartment buildings in central Auckland, New Zealand, June 25, 2017. REUTERS/David Gray/File Photo

WELLINGTON (Reuters) - Manufacturing activity growth in New Zealand eased in May due to a slowdown in employment, a survey showed on Friday.

The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) fell 4.6 points from the previous month to 54.5. The contracting employment sub-index dragged on the overall result, though the index remained at historically high levels.

A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.

(Reporting by Charlotte Greenfield, editing by G Crosse)

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