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

 


Firm grip on expansion

Firm grip on expansion

New Zealand’s manufacturing sector remained in a firm grip of expansion as activity in the sector rose during November, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for November was 56.7 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). The sector has now been in expansion for 14 consecutive months, with an average PMI value of 56.0 since the start of 2013.

BusinessNZ’s executive director for manufacturing Catherine Beard said that there are various elements of the November result that shine a positive light on the sector.

“While all the manufacturing sub-sectors were in expansion, key sectors such as metal product manufacturing are showing stellar levels of activity, no doubt partly due to the boom in construction at present. In addition, new orders and production remain key components towards ongoing expansion in the sector, while employment levels are showing more consistent and steady growth.

“Obviously, there are some seasonal factors at play with Xmas fast approaching. However, respondents have noted the stronger pre-Xmas rush compared with previous years. This bodes well for a convincing end to 2013.”

BNZ senior economist, Craig Ebert, noted the combination of high orders and lean inventory, suggesting manufacturing production will continue to post a strong expansion, following great gains over recent months.

“The PMI keeps on keeping on, with expansion in every sector and every region – the days of it just being Canterbury are long gone. Employment and production are picking up pace, and even more encouraging is the new orders index racing ahead at 62.0.”

All five seasonally adjusted main diffusion indices were again in expansion for November, again led by new orders (62.0) which recorded consecutive post-60 point values. Production (59.4) increased 2.0 points to record its highest level of activity since July, while deliveries of raw materials (56.7) did likewise. Employment (53.3) experienced further increases in activity, while finished stocks (50.2) experienced a decrease, although remained in slight expansion.

Expansion was across the entire country during November, and the first time since November 2010 that all areas displayed post-60 levels of expansion. In the North Island, the Northern region (62.2) recorded its highest level of activity since November 2009. The Central region (64.6) rose 11.0 points from October, and the highest level of activity in that region since November 2002. In the South Island, the Canterbury/Westland region (62.0) continued its onwards momentum, while the Otago-Southland region (65.7) also built on its October result to show a similar result around the same time last year.

Click here to view the November PMI
Click here to view seasonally adjusted & unadjusted time series data
Click here to view the One-Year Release Date Schedule for the PMI and PSI December 2013 – December 2014

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news