Sailing along – PMI

16 Jun 2017




Monthly Change


faster rate

View Catherine Beard's profile

Catherine Beard

Director, Advocacy BusinessNZ

View profile

New Zealand's manufacturing sector saw expansion in activity lift during May, according to the BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for May was 58.5 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was 1.6 points higher than April, and the highest value since January 2016. Overall, the sector has remained in expansion in all months since October 2012.

BusinessNZ's executive director for manufacturing Catherine Beard said that the lift in expansion for May more than eclipsed the dip for the previous month.

"The May value for new orders (61.2) remained above the 60-point range, and the highest three-monthly level of expansion for that sub-index since 2004. Production (59.7) lifted 2.7 points, while employment (55.3) rose to its highest value since October 2014".

"Mirroring the overall result, the proportion of positive comments rose to 69.4%, compared with 64.7% in April and 67.2% in March".

BNZ Senior Economist, Doug Steel, said "the PMI has now pushed up to its highest level in 16 months,  which makes the mild slowdown we saw at the beginning of the year a distant memory".

View the Time Series Data

Main Indicies

Regional Results

Manufacturing Snapshot

View Doug Steel's profile

Doug Steel

Senior Economist, BNZ

Marvellous May

New Zealand's Performance of Manufacturing Index (PMI) lifted to a very strong 58.5 in May. This is up from April's 56.9, which was not-too-shabby itself despite some possible drag from the timing of holidays in that month.
Read more  


Manufacturing sales in the first quarter of the year rose strongly, according to official figures released last week. The value of sales was 6.2% higher than the same quarter a year earlier.
Read more  

Help Wanted

In keeping with May's strong production indicators and positive forward demand signals, manufacturers are hiring more staff.
Read more  

Aerial View By Area

PMI results can be a bit volatile month-to-month and more so when looked at on a regional basis. Smoothing over 12 month periods can offer some insight into trends.
Read more

View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National Indicies May
BNZ - BusinessNZ PMI
Employment 52.852.254.553.553.155.3
New Orders60.853.658.963.162.061.2
Finished Stocks48.651.255.653.054.054.7

View the Time Series Data

BNZ - BusinessNZ PMI Time Series

January 2018 – May 2017

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
1 Jun 2017


International PMI