PMI Results A Welcome Sign
Business Central has welcomed the latest PMI (Performance of Manufacturing Index) results released today, that show the manufacturing sector ‘expanding’ during June, the first time since the COVID-19 lockdown. The country-wide result is the highest recorded result since April 2018.
"It is a positive result and it is encouraging to see our manufacturing sector get back to business," says John Milford, Chief Executive of Business Central.
"COVID-19 health and economic impacts continue to be the number one issue around the globe and here at home, so while the result provides us with some respite, we have to keep cautious about the immediate future given the current conditions.
"Central New Zealand had a score of 50.1 on the index, a score above 50.0 generally regarded as expanding, so we’re certainly not out of the woods just yet. We need a good run of consistency in the results before we can start being more hopeful. This means business needs a continued stream of orders, employment continuing, and for New Zealand to remain at level 1."
The Performance of Manufacturing Index is a monthly survey providing an early indicator of levels of activity in the New Zealand manufacturing sector, responded to by members across BusinessNZ’s partner network, and by Business Central and Wellington Chamber of Commerce members in the Central region. A PMI reading above 50 points indicates manufacturing activity is expanding; below 50 indicates it is contracting. The main PMI and sub-index results are seasonally adjusted.