New Zealand's manufacturing sector recovered in May, despite growing concerns about uncertainties in Europe, data from a survey by BusinessNZ showed Friday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector climbed to 55.7 in May from 48.2 in April. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.
New orders received by New Zealand manufacturers increased at a faster rate in May than that seen a year earlier. The increase in new orders led to strong growth in output, which exceeded the May 2011 levels.
Employment and deliveries also increased notably during the month, data showed.
by RTT Staff Writer
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