New Zealand manufacturing activity contracts in October

SYDNEY (Reuters) – New Zealand’s manufacturing sector contracted in October for the first time since August 2021, weighed by a sharp fall in new orders and the lowest level of employment activity in a year.

The Bank of New Zealand-Business NZ’s seasonally adjusted Performance of Manufacturing Index (PMI) dropped to 49.3 in October from 51.7 the month before. New orders hit 44.7, the fifth time that sub-index has dipped below 45 since 2009.

A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction.

(Reporting by Lewis Jackson; Editing by Chris Reese)