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

 

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news