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Manufacturers underpinning employment, expansion

Friday, January 28th, 2005

Manufacturers underpinning employment, expansion

Manufacturing action continues to be expand, according to the ANZ/Business NZ Performance of Manufacturing Index (PMI) which registered 58.1 for December, the highest for a December period since the survey began over two and a half years ago.

"Though down on the record November 2004 of 65.9, our level of manufacturing activity is still ahead of most of the western world," said Bruce Goldsworthy, Manufacturing Manager for the Employers & Manufacturers Association (Northern).

"Manufacturers in the north are currently leading the other regions - their PMI in December was 58.8. Manufacturing in the north also showed the highest levels of production and the strongest employment levels. The 'New Orders' index is also holding up well.

"Manufacturers in the northern region remain confident though exporters amongst them, especially those processing local raw materials, are facing real pricing challenges in offshore markets as the New Zealand dollar stays up. Exchange rate cover for most is running out."

ENDS

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