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Under the weather
New Zealand’s manufacturing sector continued its contraction in May, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for May was 48.9 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). The latest result was all but unchanged from April, and still well below the long-term average activity rate of 53.0. BusinessNZ’s Director, Advocacy Catherine Beard said that despite a few positive movements in the make-up of the Index, the sector is still continuing its trend of contraction. “New ... (full story)