Autum tinge – PMI

16 Apr 2015




Monthly Change


slower rate

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Catherine Beard

Director, Advocacy BusinessNZ

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Despite a slower rate of expansion, New Zealand's manufacturing sector remains in solid territory, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for March was 54.5 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 1.6 points lower than February, although still in healthy expansion mode.  The sector has now been in expansion for 30 consecutive months.

BusinessNZ's executive director for manufacturing Catherine Beard said although the level of expansion was not as strong as the previous month, activity was still healthy and positive across most of the sub-indices recorded.

"Comments from respondents remained more positive (60%) than negative (40%), although a number of those that provided a negative influence mentioned the increased value of the New Zealand dollar, in particular against the Australian.  This is something we'll continue to watch out for in the months ahead."

BNZ senior economist Craig Ebert said, "Both the PMI and Quarterly Survey of Business Opinion (QSBO) show New Zealand's manufacturing sector remaining in relatively good heart. Confidence in this area of the economy is up, building intentions reached their highest level ever in the QSBO, and plant and machinery intentions reached their highest level since September 1994. The nation's manufacturing sector was at the forefront of this."

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Main Indicies

Regional Results

Manufacturing Snapshot

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Craig Ebert

Senior Economist, BNZ

Manufacturers Upbeat

New Zealand's manufacturing sector remains in relatively good heart, judging by the latest Performance of Manufacturing Index.
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Investment Cycle Strong

But what really jumped out at us in the latest QSBO was the look of New Zealand's business investment cycle.
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As Capacity Constraints Bite

But then with capacity constraints beginning to bite, and demand growth looking so robust, what else is a business to do but lift its investment in capital and labour.
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Exchange Rate Headwinds Revolve

Yet if we were to look at just the exchange rate we would have to assume New Zealand's manufacturing sector should be in a deep recession by now.
Read more .

View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Mar
BNZ - BusinessNZ PMI 57.755.457.451.056.154.5
Employment 55.954.049.850.952.349.5
New Orders60.656.061.450.361.457.4
Finished Stocks51.551.551.

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BNZ - BusinessNZ PMI Time Series

January 2018 – March 2015

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
1 Apr 2015


International PMI