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

 


NZ manufacturing expands for 15th month in December

NZ manufacturing expands for 15th month in December

Jan. 23 (BusinessDesk) - New Zealand manufacturing activity expanded for a 15th straight month in December, with more production likely in the coming year on strong new orders and dwindling inventories.

The BNZ-BusinessNZ seasonally adjusted performance of manufacturing index slipped to 56.4 from 56.7 in November, but was up from 50.7 in December 2012. A reading above 50 indicates expansion in the sector. New orders led activity at 61.4 in December from 62 a month earlier, while production was at 57.2 from 59.4 in November. Finished stocks contracted for the first time since April, with a reading of 48.6. Employment rose to 55.2 from 53.3 and deliveries of raw materials fell to 52 from 56.7 in November.

“The combination of strong new orders and falling inventory in the PMI is a positive indicator for more production ahead,” BNZ economist Doug Steel said in a report accompanying the release. “Manufacturing growth might well surprise on the high side given that the difference between the PMI new orders and inventory indicators is at its widest since 2004.”

Government figures last month showed the country’s manufacturing sector grew 1.5 percent in the September quarter, underpinned by strong dairy food production. Accelerating construction activity is expected to spill over into more manufacturing.

The December PMI showed activity among food, beverage & tobacco manufacturers at 58.7, machinery & equipment manufacturing at 56.3 and petroleum, coal, chemical and associated products activity at 54.4. Metal product manufacturing activity shrank, with a reading of 49.

The Northern region led activity with a reading of 60.1, followed by Otago-Southland at 58.3. Activity in the Central and Canterbury/Westland regions contracted, with readings of 48.8 and 49.9 respectively.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news