New Zealand leather production rebounds in September
In common with the rest of the New Zealand manufacturing sector, the country’s textile, clothing, footwear & leather sector rebounded in September, expanding to 58.3 Performance of Manufacturing Index (PMI) points from 43.8 the month before. (A PMI reading above 50 indicates that manufacturing is generally expanding, while below 50 indicates that it is declining. The distance from 50 indicates the strength of expansion or decline.) The PMI for the whole of the manufacturing sector was 60.5 points – up 2.3 points on August.
New Zealand's strong showing in September contrasts with recent equivalent results from the US, EU, Asia and Australia which all showed declines; New Zealand's was the only PMI over 60. Sponsored by the ANZ Banking Group (NZ) the index is regular monthly survey that is specifically targeted at the manufacturing sector and provides an early indicator of activity levels.
