WELLINGTON (Reuters) - Manufacturing activity in New Zealand fell for the third month in a row in July, which could weigh on economic growth, a survey showed on Friday.
The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) dropped 1.5 points from the previous month to 51.2, its lowest since December.
"At this level, the PMI is hinting at more than just a slowdown in the manufacturing sector but outright slow growth," said BNZ senior economist Doug Steel.
A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction.
(Reporting by Charlotte Greenfield; Editing by James Dalgleish)
