The BNZ-BusinessNZ seasonally adjusted PMI for April stood at 48.0, which was 5.8 points down from March and the lowest level of activity since November 2011. Compared with previous April results, the 2012 value was the second lowest result. Despite the fall in overall activity, two of the five seasonally adjusted main diffusion indices were in expansion in April. However, both production (44.6) and new orders (48.5) fell into decline, which makes up the greatest weight of the overall result. Conversely, employment (51.2) remained relatively stable, with results that have only moved by one point over the last four ... (full story)