SYDNEY, Aug 14 (Reuters) – New Zealand’s manufacturing activity continued to expand in July, though at a slower pace, as sentiment weakened after the conflict in the Middle East pushed costs higher for businesses, and consumers remained cautious about spending.
The Bank of New Zealand-BusinessNZ seasonally adjusted Performance of Manufacturing Index fell to 54.3 in July from a revised 60.1 in June, when the index hit its highest level since July 2021.
A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction.
“After last month’s exceptional result, it’s not surprising to see some of that momentum ease … what is more concerning is the shift in sentiment, with 57% of comments being negative,” said Catherine Beard, BusinessNZ’s director of advocacy.
(Reporting by Renju Jose in Sydney; Editing by Chris Reese)
