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New Zealand's manufacturing sector saw its 18th straight month of expansion in February, continuing one of its most stable ever growth runs, according to the latest performance of manufacturing index (PMI) out Friday.
The BNZ-Business New Zealand PMI last month was 56.2 on a scale where above 50 indicates expansion and below 50 contraction.
The last five straight months of growth had been in a tight band between 56 and 56.9, one of the sector's most stable periods of expansion since the PMI began, Business New Zealand executive director for manufacturing Catherine Beard said.
"The last six months of manufacturing expansion have remained at the 56 point value, which represents a very solid level of activity. Although new orders slipped somewhat in February, production remains buoyant, while employment has shown more positive growth for two of the last three months," Beard said in a statement.
BNZ senior economist Craig Ebert said the PMI employment sub- index on 54.4 was close to a record high for the sector since 2003.
"This is evidence that the economic upswing is gaining momentum, spreading across industries and fully radiating into the labor market," Ebert said in the statement.
Of the other four sub-indices, production was at 58.9, new orders was 56.9, deliveries of raw materials was 58.1, and finished stocks was 49.2.
