Steady state

11 Dec 2015




Monthly Change


faster rate

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Catherine Beard

Director, Advocacy BusinessNZ

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New Zealand's manufacturing sector remained in a steady state of expansion, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for November was 54.7 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 1.5 points higher than October, and very similar to expansion levels experienced in both August and September.  The sector has now been in continued expansion since October 2012.

BusinessNZ's executive director for manufacturing Catherine Beard said that the November result continued the positive trend for the sector.

"New orders (57.8) was at its highest level since June, as was employment (53.7).  Also, the proportion of positive comments for November (68.6%) was a healthy pick up from both October (61.8%) and September (58.7%).  A number of comments centred on seasonal factors at play, although others mentioned good customer demand, both domestically and offshore.  

BNZ Senior Economist Doug Steel said the positive signals from the PMI continue. It affirms our thinking that the economy has grown a bit faster in the second half of 2015 than it did in the first half.

View the Time Series Data

Main Indicies

Regional Results

Manufacturing Snapshot

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Doug Steel

Senior Economist, BNZ

Manufacturing sales surge

Tuesday's official manufacturing data for the third quarter of 2015 looked reasonably positive. But we don't think this fully translated into production growth in Q3 given indications of inventory unwind.
Read more  

Strong new orders suggest more to come

No one should have been too surprised by the positive signals in the official data noted above. Today's PMI suggests solid growth has continued into the final quarter of the year.
Read more  

So manufacturers are hiring

The positive sales and orders environment for New Zealand's manufacturers is spilling over to more employment. The three month average has been trending higher in the second half of the year after a relatively slower first half.
Read more  

What's driving it?

There is never one factor as the manufacturing sector is too diverse. Consented floor space for both residential and non-residential buildings suggests further expansion lies ahead . Some of this is connected to fresh record highs in net migration and ultra-low interest rates.
Read more .

View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Nov
BNZ - BusinessNZ PMI 54.353.754.954.953.254.7
Employment 53.450.753.051.352.853.7
New Orders54.954.957.257.455.857.8
Finished Stocks51.951.652.352.349.149.9

View the Time Series Data

BNZ - BusinessNZ PMI Time Series

January 2018 – November 2015

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
8 Dec 2015


International PMI