Easing into Xmas – PMI

15 Dec 2016

54.4

November

-0.7

Monthly Change

expanding

slower rate

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Catherine Beard

Executive Director, ManufacturingNZ & ExportNZ

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New Zealand's manufacturing sector experienced a slight softening of expansion during November, according to the BNZ - BusinessNZ Performance of Manufacturing Index (PMI) for November.
 
The seasonally adjusted PMI for November was 54.4 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 0.7 points lower than October, and the lowest level of expansion since October 2015.  The sector remains solidly in expansion in almost all months since October 2012.

BusinessNZ's executive director for manufacturing Catherine Beard said that although the lower expansion level for November represented the second consecutive softening in expansion, the fundamentals of the survey remained healthy.
 
"While employment (48.6) went into slight contraction for November, production (57.9) remained unchanged from October, while new orders (58.0) increased 3.1 points.  Also, the proportion of positive comments from manufacturers for November (70%) remained very healthy".  

BNZ Senior Economist, Craig Ebert, said "that while the PMI slowed to a 13-month low in November, this seems nothing to lose sleep over given it is still above its long-term average of 53.2".

View the Time Series Data


Main Indicies

Regional Results

Manufacturing Landscape
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Craig Ebert

Senior Economist, BNZ

The PMI

The Performance of Manufacturing Index (PMI) slowed to a 13-month low in November. This seems nothing to lose sleep over, however – after putting it in perspective, and looking at its details.
Read more  

Q3 Sales (and Inventory)

And even if the PMI has slowed over November (and October) the September quarter manufacturing data were upbeat.
Read more  

Building

Underpinning momentum in New Zealand's manufacturing production is surely, still, the construction industry. We'll get more insight into the latter with today's Q3 Building Work Put in Place (on BWPIP).
Read more  

Earthquakes

November's earthquakes will obviously disrupt and displace some business activity. But they will also reinforce the amount of construction that needs to be carried out.
Read more

View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Nov
2015
Jul
2015
Aug
2016
Sep
2016
Oct
2016
Nov
2016
BNZ - BusinessNZ PMI 55.255.655.157.555.154.4
Production54.758.055.961.257.957.9
Employment 53.554.247.150.153.748.6
New Orders57.858.159.060.454.958.0
Finished Stocks51.149.551.554.452.149.4
Deliveries55.755.356.057.355.353.0

View the Time Series Data

BNZ - BusinessNZ PMI Time Series

January 2013 – November 2016

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
1 Dec 2016

52.1

International PMI