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

 


NZ manufacturing activity ebbs in July

NZ manufacturing activity ebbs in July while growing for 22nd straight month

Aug. 14 (BusinessDesk) - New Zealand manufacturing activity fell in July while remaining in expansion for the 22nd straight month as an increase in new orders made up for a dip in production and employment.

The BNZ-Business NZ seasonally adjusted performance of manufacturing index fell to 53 from last month from 53.3 in June from a downwardly revised 52.6 in May, although below 54.9 in June last year. A reading above 50 indicates expansion in the sector.

The manufacturing sector in New Zealand has proven resilient in the face of a strong New Zealand dollar, which erodes the value of overseas sales. Bank of New Zealand senior economist Doug Steel said. Those headwinds have receded as the kiwi has come off its highs and manufacturers are also likely to benefit from local sales into the construction industry, he said.

All five diffusion indexes in the PMI were in expansion in the latest month. New orders rose to 55 from 52.2 in June while production fell 1.9 points to 54, the lowest level since March last year. Employment fell 1.4 points to 51.3.

Finished stocks rose back into expansion at 51.5 while deliveries slipped 1.9 points to 53.3.

The Northern region recorded the strongest growth last month, rising 6.9 points to 57.5, while central fell to 46.6, the first contraction since January. Canterbury/Westland recorded 52.3 and Otago-Southland fell further into contraction at 45.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news