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PMI back to 2004 levels for northern manufacturers

Media statement
Embargoed for Friday, June 16th, 2006

PMI back to 2004 levels for northern manufacturers

The Business New Zealand Performance of Manufacturing Index (PMI) for May recorded a recovery in forward orders which are also running ahead of production levels for manufacturers in the north.

The recovery is especially pronounced among larger manufacturers, the Employers & Manufacturers Association (Northern) says.

“We’re back to the levels last enjoyed in 2004,” said Bruce Goldsworthy, EMA’s Manager of Manufacturing Services.

“The PMI in the north was 55.1. Seasonally adjusted for the country as a whole it was 58.2 – above 50 represents expansion; below contraction.

“Larger businesses in general – those employing over 50 staff - are most affected by the exchange rate so it is pleasing to see the speed of their response to the currency correction earlier this year.

“Manufacturers are again raising the issue of skills shortages as a constraint throughout the country.

“Otherwise the result indicates our manufacturers have been able to hold on to export markets despite extended pressure on their margins from the hitherto high exchange rate.”

ENDS

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