10 Jun 2010

Manufacturing continues to expand at slower rate

10:41 pm on 10 June 2010

Activity in the manufacturing sector expanded at a slower pace in May.

The BNZ-Business New Zealand Performance of Manufacturing Index reached its highest point for five-and-a-half years in April, but fell 4 points in May, to 54.5.

A reading above 50 indicates the sector is expanding.

Production and new orders continued to expand, but at a slower rate, while employment contracted.

BNZ senior economist Craig Ebert views the dip as a speed bump rather than a general slowdown in expansion.