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Outlook buoyant for manufacturing in the Waikato: PMI
July 11, 2013
Outlook buoyant for manufacturing in the Waikato: PMI
June has shown further solid gains for manufacturing in the Waikato.
The outturn from the BNZ-Business NZ Performance of Manufacturing Index was 62.4, well above the national result. A result above 50 indicates expansion; below, contraction.
“The outlook for Waikato manufacturing is looking robust,” said Jack Ninnes, chairman of EMA Waikato which runs the PMI in the region for Business New Zealand.
“All key indices were above 60 in the region; for production, employment, new orders, and deliveries of raw materials.
“We attribute this success to farmer confidence as reflected in the Fieldays result, the Fonterra pay out and an improving outlook in the US economy, especially with the decline in the US dollar.
“The US is an important market for the growth of our local manufacturers with significant sales there.
“There’s considerable new business interest too in our region’s innovative manufactured products in Latin America, in particular for addressing their agricultural needs.
“On the domestic market for instance, commercial vehicle sales are up 26 per cent nationally this year, a trend which is reflected locally.
“We expect this period of expansion will call for more skilled technical staff.”
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