Autumn tinge – PMI 14 Apr 2016 54.7March-1.2Monthly Changeexpandingslower rate Catherine Beard Director, Advocacy BusinessNZ View profile New Zealand's manufacturing sector continued to experience a slower rate of expansion in March, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).The seasonally adjusted PMI for March was 54.7 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was 1.2 points down from February, and the lowest level of expansion since October 2015. The sector has now been in continued expansion since October 2012.BusinessNZ's executive director for manufacturing Catherine Beard said that the dip in expansion for March was across all the sub-indices, with employment in slight contraction for the second month running."While a number of negative comments mentioned a slowdown in both domestic and offshore orders, it is still important to remember that two-thirds of comments from manufacturers remain positive, not to mention that the sector is still in expansion mode." BNZ Senior Economist Doug Steel said 'while there are some conflicting signals in the details, the PMI indicates ongoing growth in the manufacturing sector overall. NZ's PMI remains well ahead of many other major economy equivalents.'View the Time Series Data Main Indicies Regional Results Manufacturing Snapshot Doug Steel Senior Economist, BNZ PMI Looks SolidSolidNew Zealand's Performance of Manufacturing Index (PMI) showed a slower rate of expansion in March (54.7) compared to February (55.9), which itself was slower than January (57.9). A slowdown for sure, but it would have to extend quite a bit further before it became a genuine growth worry.Read more Devil In The Detail?Even though the PMI remains robust overall, there are a few potential devils in the detail. Lower employment and a relatively high inventory reading are worth monitoring from here.Read more Are New Orders Up, Down or Sideways?New orders are a good gauge of near term demand. The problem is the PMI survey and last week's QSBO are giving highly conflicting signals on this front.Read more NZ Still Stands OutOn a three month average basis, NZ's PMI still stands head and shoulders above similar indicators from major economies around the world.Read more . View full BNZ Manufacturing Snapshot PMI Time Series TableThe results are seasonally adjusted. National Indicies Mar2015 Nov2015 Dec2015 Jan2016 Feb2016 Mar2016 BNZ - BusinessNZ PMI 55.255.157.057.955.954.7 Production56.454.256.960.356.555.0 Employment 50.553.852.554.248.848.6 New Orders56.758.260.059.960.758.2 Finished Stocks52.750.755.254.557.255.5 Deliveries55.655.157.657.456.052.6 View the Time Series Data BNZ - BusinessNZ PMI Time Series January 2018 – March 2016 International ResultsJ.P. Morgan Global Manufacturing PMITM 1 Apr 201650.5 In this section Media Releases Commentaries Photos Back to Business Cocktail Party 2019 State of the Nation Lunch Back to Business 2020 Deloitte and Chapman Tripp Election Conference 2020 - Leaders' Address Back to Business 2021 BNZ - BusinessNZ PMI Time Series Data View seasonally adjusted and unadjusted time series data for the BNZ - BusinessNZ PMI Sponsor StatementBNZ is delighted to be associated with the Performance of Manufacturing Index (PMI) and BusinessNZ.This association brings together the significant experience of leading business advocacy body BusinessNZ, and business finance specialist BNZ.We look forward to continuing our association with BusinessNZ and associated regional organisations, and to playing our part in the ongoing development of the New Zealand manufacturing sector. View website Media Comment For media comment, please contact: Catherine Beard, BusinessNZ 04 496 6560 Doug Steel, BNZ 04 474 6799 Technical Comment For more information or assistance with data interpretation, please contact: Steve Summers 04 496 6564 ssummers@businessnz.org.nz Our Contributors The BNZ - BusinessNZ PMI contains data obtained through BusinessNZ's regional organisations About the PMI The BNZ - BusinessNZ Performance of Manufacturing Index is a monthly survey of the manufacturing sector providing an early indicator of activity levels.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. Related Articles Blooming good – PMI Steady state – PMI Now hiring – PMI Stretching out – PMI Pumping production – PMI View more