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Manufacturing expansion remains steady for October

12 November 2004

Manufacturing expansion remains steady for October

Manufacturing activity levels continued to expand in October.

The ANZ-Business NZ Performance of Manufacturing Index (PMI) value for October was 56.7, similar to September's 56.8, but lower than the PMI in October 2002 and 2003 (a PMI reading above 50 points indicates expansion and below 50 indicates decline).

New orders (60.1) and production (59.1) led the sub-indexes, while deliveries, finished stocks and employment had lower levels of expansion compared with September.

All four regions recorded expansion for October, with Central and Canterbury/Westland at higher levels, and Northern and Otago/Southland at lower levels than September.

Although manufacturing conditions continue to show expansion, the rate has slowed over recent months as labour shortages and the high New Zealand dollar continue to hamper activity. Fewer manufacturers mentioned the Christmas build-up as a key determinant of activity levels, compared with October 2002 and 2003.

ENDS

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