Employment down as New Zealand manufacturing growth slows further

Growth in New Zealand's manufacturing sector continued to slow last month - with job numbers shrinking, according to the latest performance of manufacturing index (PMI) out Thursday.

The BNZ-Business New Zealand PMI for March was 54.7, on a scale where above 50 indicates expansion and below 50 contraction.

The reading was 1.2 points down from February, and the lowest level of expansion since October 2015, although the sector maintained its straight run of monthly expansion since October 2012.

Business New Zealand executive director for manufacturing Catherine Beard said in a statement that the dip in expansion was across all the sub-indices, with employment in slight contraction for the second month running.

BNZ senior economist Doug Steel said in the statement that the PMI indicated ongoing growth in the manufacturing sector overall and New Zealand's PMI remained well ahead of many other major economies.