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

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news