N.Z. Construction, Manufacturing Signal Weak Recovery
This article is for subscribers only.
New Zealand construction and manufacturing contracted in the third quarter, government reports showed, adding to the case for the nation’s central bank to keep interest rates unchanged until a recovery strengthens.
The value of residential construction fell 5.3 percent from the second quarter, excluding inflation, Statistics New Zealand said in Wellington today. Non-residential work dropped 0.7 percent. Manufacturing sales volumes fell for a third straight quarter, declining 1.4 percent, according to a separate report.