Balancing act – PMI

11 Sep 2015




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Catherine Beard

Director, Advocacy BusinessNZ

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New Zealand's manufacturing sector showed increased expansion in August, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for August was 55.0 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was 1.3 points higher than July, and close to the level of activity experienced in June.

BusinessNZ's executive director for manufacturing Catherine Beard said that a number of positive and negative factors are presently at play for manufacturers.

"Although the proportion of positive comments slipped slightly from 60.8% in July to 57.2% in August, export growth due to the decrease in the value of the New Zealand dollar remained a key comment in ensuring comments were more positive than negative. On the flip side, manufacturers also noted the adverse economic news offshore, which is causing a drop in new orders for some. Domestically, the dairy downturn continues to be felt".

"On balance, the sector remains in good heart, although many manufacturers will be keeping their eye on how international developments unfold over the next few months".

BNZ Senior Economist Doug Steel said "while economic growth is expected to slow over the coming year, the PMI results do suggest that there might be more spine to current economic activity that some seem to fear".

View the Time Series Data

Main Indicies

Regional Results

Manufacturing Snapshot

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Doug Steel

Senior Economist, BNZ

Manufacturers Report Solid Expansion

We were not surprised to see August's Performance of Manufacturing Index (PMI) come in close to July's reading.
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Activity Up, Despite Confidence Waver

The robust PMI result is not to say that there are no growth concerns circulating at present (think the impact of lower dairy revenue or recent world equity market wobbles to name but two).
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Manufacturing GDP

Official GDP figures for the second quarter of 2015 are due next Thursday.
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Construction and Concrete

The construction sector outlook is important to many in the manufacturing sector.
Read more .

View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Aug
BNZ - BusinessNZ PMI 56.552.051.955.253.755.0
Employment 53.351.251.453.950.953.3
New Orders58.450.652.458.154.757.2
Finished Stocks48.352.454.951.151.852.9

View the Time Series Data

BNZ - BusinessNZ PMI Time Series

January 2018 – August 2015

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
1 Sep 2015


International PMI