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.
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