New Zealand’s Business NZ PMI rose for the second consecutive month in April, printing at 43.7 from 41.9 in the previous month. The reading remains below the “boom-bust” 50 reference level, suggesting the manufacturing sector contracted for the 12th consecutive month, albeit at a slower pace. Most notably, the New Orders component of the metric has advanced for two straight months since bottoming in February, raising hopes that firms have already seen the worst of the slump in overseas demand. The industrial sector employs about 19% of New Zealand’s labor force, so a rebound here would certainly help to boost hiring, promote spending, and help lift the smaller antipode out of the worst recession in over three decades.