Evenly Spread – PMI 11 Aug 2017 55.4July-0.6Monthly Changeexpandingslower rate Catherine Beard Director, Advocacy BusinessNZ View profile New Zealand's manufacturing sector saw expansion levels evenly spread across the five main indices during July, according to the BNZ - BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for July was 55.4 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was slightly lower than June, and similar to expansion levels seen in February. Overall, the sector has remained in expansion in all months since October 2012.BusinessNZ's executive director for manufacturing Catherine Beard said that while the main result experienced a second consecutive dip in expansion levels, the make-up of the sub-indices made for interesting reading. "Expansion across the five indices was very even for July, with the total difference between the lowest and highest results at only 1.2 points. Of particular note was the highest level of expansion for employment (56.4) since September 2014, along with finished stocks (also at 56.4). However, both production (56.0) and new orders (55.4) continued to slip in terms of expansion". "With expansion again easing during July, the proportion of positive comments dropped to 56.1%, compared with 68.2% in June and 69.4% in May".BNZ Senior Economist, Doug Steel, said that "at 55.4 in July, the PMI remains firmly above its long term average of 53.3. It bodes well for manufacturing GDP growth to continue outperforming its long term average as it has for much of the past three years".View the Time Series Data Main Indicies Regional Results Manufacturing Snapshot Doug Steel Senior Economist, BNZ PMINew Zealand's Performance of Manufacturing Index (PMI) continues to show solid momentum. At 55.4 in July, it remains firmly above its long term average of 53.3. It bodes well for manufacturing GDP growth to continue outperforming its long term average as it has for much of the past three years.Read more Housing CoolingThe housing market has cooled. The number of house sales is down about a quarter on a year ago, as LVR restrictions tightened and mortgage rates edged higher independent of the OCR.Read more More JobsManufacturing sector employment has been expanding over the past year. Last week's official figures show manufacturing employment up 1.2%, or 3,000 people, on a year earlier. Filled jobs were up 2.0% and paid hours 3.3% higher. Forward indicators remain positive.Read more GlobalJP Morgan's Global PMI has improved from year earlier levels, averaging near 53 over the past six months from a bit over 50 a year earlier. Strong momentum in NZ's PMI no longer stands out from the likes of Australia, the US or the Eurozone.Read more View full BNZ Manufacturing Snapshot PMI Time Series TableThe results are seasonally adjusted. National Indicies Jul2016Mar2017Apr2017May2017Jun2017 Jul2017 BNZ - BusinessNZ PMI 55.658.056.758.156.055.4 Production58.160.256.959.357.856.0 Employment 53.853.553.255.449.056.4 New Orders58.863.161.560.258.055.4 Finished Stocks49.553.054.054.854.656.4 Deliveries55.754.354.958.157.056.6 View the Time Series Data BNZ - BusinessNZ PMI Time Series January 2018 – July 2017 International ResultsJ.P. Morgan Global Manufacturing PMITM 1 Aug 201752.7 In this section Surveys & Statistics Performance of Manufacturing Index Performance of Services Index Compliance Cost Survey Exporters Survey Southern Cross Health Society - BusinessNZ Wellness in the Workplace Survey Reports & Publications BusinessNZ Planning Forecast International BusinessNZ RAT Suppliers Guides & Tools BusinessNZ RAT Suppliers RATs for non-critical business, agencies and organisations 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