On the up – PMI

10 May 2016

56.5

April

+1.8

Monthly Change

expanding

faster rate

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Catherine Beard

Executive Director,, ExportNZ & ManufacturingNZ

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New Zealand's manufacturing sector experienced a lift in expansion for April, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for April was 56.5 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was 1.8 points higher than March, and the highest level of expansion since January. The sector has been in expansion in almost all months since October 2012.

BusinessNZ's executive director for manufacturing Catherine Beard said that the lift in expansion for April was assisted by stronger expansion in production and new orders, while deliveries also recovered after a dip in March.

"The proportion of positive comments also remained above 60%, while comments centered on general market growth and increased orders, particularly from offshore. Overall, the April result represents another solid month for the sector."

BNZ Senior Economist, Doug Steel, said "the bounce in April, to 56.5, not only arrests that previous mild momentum loss but affirms the underlying above-average growth pulse that the manufacturing sector has displayed for many months now."

View the Time Series Data


Main Indicies

Regional Results

Manufacturing Landscape
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Doug Steel

Senior Economist, BNZ

PMI

New Zealand's Performance of Manufacturing Index (PMI) looked more assured in April, following some signs of slowing over prior months. Not that it was actually slow, at 54.7, in March. Rather it had slowed from a rather fast pace during December/January.

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Demand Indicators Strong

Overall final demand appears strong. Current demand is underpinned by: rapid population growth (via net immigration), booming tourist numbers, elevated construction activity, low interest rates, rising asset prices, and a robust labour market.

Read more  

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Ag Drag on Q1 GDP?

Notwithstanding the healthy looking PMI overall, we remain wary that manufacturing might still look a bit soft, GDP-wise, near term.

Read more .

View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Apr
2015
Dec
2015
Jan
2016
Feb
2016
Mar
2016
Apr
2016
BNZ - BusinessNZ PMI 52.357.057.855.954.756.5
Production52.556.860.256.555.257.9
Employment 51.452.554.248.848.649.5
New Orders51.559.959.860.658.160.0
Finished Stocks53.255.254.457.055.353.7
Deliveries52.657.757.756.251.956.8

View the Time Series Data

BNZ - BusinessNZ PMI Time Series

July 2014 – April 2016

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
3 May 2016

50.1

International PMI