NZ mfg sees surprise contraction in Oct

WELLINGTON, Nov 10 (Xinhua): Manufacturing activity in New Zealand declined sharply last month after six straight months of growth, according to the latest BNZ-Business New Zealand Performance of Manufacturing Index (PMI). The PMI figure for October was 46.5, down from 50.5 in September and the average of 52 for the first 10 months of the year. A PMI reading above 50 indicates expansion and below 50 contraction. Business New Zealand executive director for manufacturing Catherine Beard said the sudden drop was a surprise after a gradual fall in recent months. "In general, results from the end of 2009 through to last month had been relatively unspectacular but solid," said Beard in a statement from Business New Zealand. "Instead, the result for October reminds us of the rough patch manufacturing went through during most of 2008 and 2009," she said.