SYDNEY, July 9 (Reuters) – New Zealand’s manufacturing activity rose sharply in June as businesses reported a renewed sense of confidence amid stronger sales and fuller order books despite the conflict in the Middle East and cost-of-living pressures.
The Bank of New Zealand-BusinessNZ’s seasonally adjusted Performance of Manufacturing Index climbed to 59.7, its strongest reading since July 2021, from a revised 51.3 in May.
A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction.
“This month’s result reflects a huge positive shift after a long stretch of soft results, which is a very welcome turn,” BusinessNZ Director of Advocacy Catherine Beard said.
(Reporting by Renju Jose in Sydney; Editing by Nia Williams)
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