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12 Aug 2016




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Catherine Beard

Director, Advocacy BusinessNZ

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New Zealand's manufacturing sector continued to show stable growth in activity for July, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).
The seasonally adjusted PMI for July was 55.8 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  Although this was 1.8 points lower than June, it still represented healthy growth.  The sector remains solidly in expansion in almost all months since October 2012.
BusinessNZ's executive director for manufacturing Catherine Beard said that while both production and new orders came back slightly from strong activity levels, employment has been a slow and steady burner in terms of activity.
"Expansion for employment reached 54.6 in July, which was the fifth consecutive monthly increase in activity.  It was also the highest level of activity for this sub-index since October 2014".  

"Despite the slight dip in overall expansion, the proportion of positive comments increased slightly from 62.8% in June to 63.8% in July.  A number of comments were centered on business as usual, with continued growth in customer orders."

BNZ Senior Economist, Craig Ebert, said "The only weak looking constituent of July's PMI was around the stocks of finished products. Yet it's hard to see this as a genuine negative. Not with new orders, as a demand indicator, still relatively strong at a seasonally adjusted 58.1".

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Main Indicies

Regional Results

Manufacturing Landscape
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Craig Ebert

Senior Economist, BNZ


New Zealand's Performance of Manufacturing Index (PMI) maintained decent momentum in July. Its seasonally adjusted result was 55.8, compared to the 57.6 level it edged up to in June.
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The only weak looking constituent of July's PMI was around the stocks of finished products. Indeed, the index for this slipped into slight contraction territory, with a reading of 49.0.
Read more  


As other components of the NZ PMI might arguably have slowed a bit, its employment index has steadily picked up over the last 5 months. It hit a relatively strong 54.6 in July, from 53.7 in June.
Read more  

Concrete Production

As we've frequently pointed out, the manufacturing sector is being greatly supported by a hefty construction cycle.
Read more .

View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Jul
BNZ - BusinessNZ PMI 54.354.856.657.157.655.8
Employment 50.949.
New Orders55.658.059.559.961.358.1
Finished Stocks52.354.752.849.450.649.0

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BNZ - BusinessNZ PMI Time Series

January 2018 – July 2016

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
1 Aug 2016


International PMI