Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Back from the holidays

Back from the holidays

Confidence improved in JANUARY despite the global storm clouds, the ever-stronger NZ dollar, falling sales and employment. Aggregate sales fell in DECEMBER 2002 when compared to DECEMBER 2001 some 4.4%. Across the board back came the optimists, the middle ground held. "People back from the holidays are more strongly optimistic than when they left. Net confidence reported in JANUARY was 24 up from 21 in our survey completed in DECEMBER," said John Walley, CEO of the Canterbury Manufacturers' Association.

Aggregate sales decreased for the month of DECEMBER 2002 by 4.4% on DECEMBER 2001, with domestic sales down by over 1.6% and export sales down by about 10%. "Our leading indicators say that investment intentions may have softened further but sales, profits and employment are expected to rise," said Walley. "This builds on trends we saw at the end of 2002."

Staff numbers have shown a decrease of 6.5% on the same period last year. There is some anecdotal feedback that order books filled late before the holidays and have a softer carryover in to 2003 that the same period in 2002. In the survey completed in JANUARY our net leading indicators, anticipated staff levels and profitability were up a little, turnover indications were down and investment intentions held at last month’s level. "Performance down, feelings up - carryover from the holidays perhaps, nevertheless sentiment is positive," said John Walley.

From the constraint standpoint, market conditions were 61% with skilled staff constraints at 11%. Capacity was cited as a constraint by the balance of our respondents.

"The surge of the Kiwi against the US and Australia dollars reducing returns and encouraging imports featured in all comments from Canterbury manufacturers. There was also some comment on softening consumer demand in the domestic market. Others commented on ever increasing compliance costs," said John Walley

"Accelerating growth on the back of the increasing confidence is the challenge. Growth must be at the top of the national agenda, increasing exchange rates make microeconomic policies aimed at developing the manufacturing sector all the more urgent," said Mr Walley "An excursion Kiwi exchange rate similar to those seen in the early 90s has the capacity to destroy in one year markets that have taken a decade to build."

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news