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Waikato/BoP manufacturing still weak
Media statement Thursday, May 14th, 2009
Waikato/BoP manufacturing still weak
Waikato and Bay of Plenty manufacturers are keeping their chins up though sales are still in decline, says Jack Ninnes, chairman of EMA Waikato.
“Our manufacturers’ output in April was still going down though there are signs the rate of decline has flattened off,” Mr Ninnes said. He was commenting on the latest Bank of NZ/Business NZ Performance of Manufacturing (PMI) figures.
“Though still down with the Waikato/Bay of Plenty PMI sitting on 36.5, this has to be compared with the Australian PMI on 30.1, the US at 36.3, and Europe on 33.9. China is at 44.8. The New Zealand unadjusted result is 40.5, while the seasonally adjusted result was 43.7. (Above 50 signals expansion; below 50 indicates contraction).
“The global recession is certainly proving hard going for manufacturers.
“While our producers are doing all they can to reduce costs they also recognize the importance of retaining skilled people and keeping themselves ready for the upturn.”
ENDS
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