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Waikato manufacturers in the doldrums
Media release Thursday, December 11, 2008
Waikato manufacturers in the doldrums
Manufacturers’level of activity in the Waikato dropped in November to a record low 34.2 on the Bank of New Zealand/Business NZ Performance of Manufacturing Index (PMI), slightly below the national seasonally adjusted average of 35.4.
“Waikato manufacturing is well and truly in the doldrums,” said Jack Ninnes, chairman of EMA Waikato.
“The PMI result is well below the neutral 50 mark between expansion and contraction, plummeting nearly nine points on the index from last month,” he said.
“Local manufacturers are being hit hard by the global recession, as they are elsewhere in New Zealand and overseas.
“In the Waikato they are reporting a dearth of new orders, with stocks of finished products still relatively high.
“The only bright side is there is some evidence that local employers are not yet making widespread layoffs, and the fall in the exchange rate may provide some relief.
“It’s small consolation that overseas manufacturers are experiencing a similar lack of orders with the global PMI registering 36.4 in November.”
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