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

 


Marching onwards

Marching onwards

Activity in New Zealand’s manufacturing sector continued to march onwards, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for March was 58.4 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was 1.9 points higher than February and the highest level of activity since July 2013. The sector has now been in expansion for 19 consecutive months, with the first quarter of 2014 averaging 57.1.

BusinessNZ’s executive director for manufacturing Catherine Beard said that there were a number of pleasing aspects to the March result.

“After five consecutive months of solid activity, it was pleasing to see activity experience a further boost. Both production and new orders remained strong, while employment also lifted to its highest level for over six years.

“The proportion of positive comments from manufacturers for March broke the 60 percent value for the first time this year, as new orders/customers and an improving economy is providing a stronger platform for business growth.”

BNZ Head of Research Stephen Toplis said, “The manufacturing sector is in a buoyant mood – and rightly so. However, the economy and financial markets are at an inflection point. At such times, the potential for significant movements in interest rates and exchange rates is heightened. Given this, businesses need to focus on risk management to ensure that the impact of such risks can be mitigated.”

For the first time since October 2013, all five seasonally adjusted main diffusion indices were in expansion for the current month. Both production and new orders (60.5) displayed the same level of expansion, while employment (56.3) rose 1.6 points to record its highest level since November 2007. Deliveries of raw materials (57.1) edged slightly downwards from February, while finished stocks (51.1) went back into expansion after four consecutive months in contraction.

All four regions were again in expansion during March, with levels very similar across the country. In the North Island, the Northern region (59.2) rose 6.3 points, while the Central region (57.6) was almost identical to February’s result. In the South Island, the Canterbury/Westland region (59.9) picked up 6.2 points from February, while the Otago-Southland region (59.8) dipped 1.9 points.

Click here to view the March PMI.
Click here to view seasonally adjusted & unadjusted time series

ends

© 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