Manufacturing growth down

Growth in manufacturing activity slowed last month, according to the latest Business NZ survey.

The performance of manufacturing index released yesterday showed a seasonally-adjusted result of 53 for August, down 0.9 points on July but consistent with results over the previous quarter.

Any figure above 50 indicates an expansion of manufacturing.

"Overall, the 2006 August value continues a steady period of results, with strength in new orders, modest production levels and weak employment activity," Business NZ said.

New orders expanded during the month with 57.5, as did production with 53.3, deliveries on 51.3 and 50.9 for finished stocks.

Employment on 49.2 showed a decline for the third consecutive month.

The ratio of 55.8 per cent negative to 44.2 per cent positive comments was more negative than in July, driven by concerns about the recent pick up in the dollar, the economic slowdown and the winter.