New Zealand manufacturing sentiment improved a bit in March according to Business NZ, a lobby group, as their Purchasing Managers Index rose to 40.7 from 38.9 in the previous month. On balance, the shallow uptick is unlikely to be of lasting significance: the metric remained below the “boom-bust” 50 level for the 11th consecutive month, suggesting business activity was still contracting through March, albeit at a slower pace. Further, the metric has been treading water below 42.6 since hitting a record low at 35.1 in November of last year, suggesting a meaningful rebound is far from assured by the March result.