WELLINGTON, June 12 -- Growth in New Zealand's manufacturing sector slowed for the third month in May, according to the latest performance of manufacturing index (PMI) out Friday.
The latest BNZ-Business New Zealand PMI was 51.5, down 0.2 points from April, on a scale where above 50 indicates expansion and below 50 contraction.
It was third time in five months that the PMI has been in the 51 to 51.9 range, but it has remained in expansion for 32 straight months.
Business New Zealand executive director for manufacturing Catherine Beard said the May result showed a growing picture of a general slowdown, with a growing proportion of negative comments from companies surveyed.
"Comments in May were along similar lines to last month in terms of the high value of the New Zealand dollar relative to the Australian, as well as the lackluster Australian economy. In addition, a number of respondents mentioned the lower dairy payout causing a decrease in new orders," Beard said in a statement.
BNZ senior economist Craig Ebert said the weakening New Zealand dollar was providing some relief to manufacturers.
The New Zealand dollars had dropped by about 20 percent against the U.S. dollar from a year ago to its lowest level in five years.
"The weaker New Zealand dollar might be something to support the PMI readings over the coming months," Ebert said in statement.
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