The manufacturing sector in New Zealand continued to expand in May, and at a faster pace, the latest survey from BusinessNZ revealed on Friday with a Performance of Manufacturing Index score of 58.6.
That's up from the downwardly revised 58.3 in April (originally 58.4) and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, all five components remain in expansion including production (65.3), new orders (63.7), deliveries (53.5), finished stocks (52.4) and employment (51.5).
"Globally, manufacturing activity continues to expand at a robust pace, culminating in an 11-year high for May," said BusinessNZ executive director for manufacturing Catherine Beard. "However, this has led to upwards pressure on input prices across most countries, including New Zealand, given comments from respondents outlining increased costs of raw materials."