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

 


NZ manufacturing grows for 18th month, jobs outlook upbeat

NZ manufacturing expands for 18th month, signs of jobs growth in the sector

By Tina Morrison

March 14 (BusinessDesk) – New Zealand manufacturing activity expanded for an 18th straight month in February with signs a buoyant economy is creating jobs.

The BNZ-BusinessNZ seasonally adjusted performance of manufacturing index edged lower to 56.2 in February from an upwardly revised 56.3 in January, and 55.4 in February last year. A reading above 50 indicates expansion in the sector.

The latest index suggests the manufacturing sector’s upswing remains well in force into the early stages of this year, BNZ said. Over the past year, the employment index has jumped from a breakeven level of around 50 to 54.4 in the latest reading, which is close to a record for a sector that has tended to lag other measures.

“This is further evidence that the economic upswing is not only gathering momentum, and spreading across the various industries, but it’s now also fully radiating in the labour market,” said BNZ senior economist Craig Ebert. “The labour market data, while lagged, could well prove the most important macro-economic information this year.”

Four of the five main seasonally adjusted diffusion indexes in the PMI expanded in February. Production produced the highest level of expansion for the first time since July, while employment rose to its second highest level since May, deliveries remained similar to January while finished stocks increased slightly. Meantime, new orders slipped to its lowest level since June.

All four regions were in expansion during February, with only the Northern region slipping from January levels. Otago had the strongest reading at 61.7.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news