On average – PMI 16 Mar 2018 53.4February-1.0Monthly Changeexpandingslower rate Catherine Beard Executive Director, ExportNZ & ManufacturingNZ View profile New Zealand's level of manufacturing expansion decreased slightly in February, according to the BNZ - BusinessNZ Performance of Manufacturing Index (PMI).The seasonally adjusted PMI for February was 53.4 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was one point lower than January, and the second lowest expansion value in the last 13 months. The February result was also exactly on par with the overall average PMI value since the survey began.BusinessNZ's executive director for manufacturing Catherine Beard said that while the PMI remained in positive territory, the last three months have shown a levelling off of expansion."The proportion of positive comments in February (51.4%) was very close to the result in January (50.7%). A number of respondents have noted the sluggish start to the year, with a dip in new orders being a common message".BNZ Senior Economist, Doug Steel said that "there is no doubting the Performance of Manufacturing Index has slowed over recent months. That said, February’s PMI is hardly weak in exactly matching its long term average".View the Time Series Data Main Indicies Regional Results Doug Steel Senior Economist, BNZ Average PerformanceThere is no doubting the Performance of Manufacturing Index has slowed over recent months. Sure, February’s 53.4 result was not too far shy of January’s 54.4 reading which, itself, was a decent recovery from December’s dip down to 51.2.Read more Growth Looks SlowerNew orders, while still positive, have cooled, raising questions about the sustainability of demand strength seen last year. Firms don’t seem too perturbed by slower orders at this point, given their acceleration in hiring (the PMI employment index rose to its highest level in six months in February).Read more DemandDemand strength appeared widespread at the end of last year. We say this judging by recent data on the likes of building activity and the distribution sectors of wholesale and retail trade.Read more Weather WobblesEarly livestock culling on account of adverse weather seemed to boost Q4 manufacturing activity but will have the opposite effect through early 2018 given New Year rains.Read more View full BNZ Manufacturing Snapshot PMI Time Series TableThe results are seasonally adjusted. National IndiciesFeb 2017Oct2017Nov2017Dec2017Jan2018Feb2018 BNZ - BusinessNZ PMI 56.057.457.651.254.453.4 Production58.460.361.053.753.553.9 Employment 51.451.354.451.751.554.8 New Orders58.559.757.149.749.754.1 Finished Stocks56.354.756.351.952.151.1 Deliveries55.058.058.549.749.852.7 View the Time Series Data BNZ - BusinessNZ PMI Time Series July 2016 – February 2018 International ResultsJ.P. Morgan Global Manufacturing PMITM 1 Mar 201854.2 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 Guides & Tools BNZ - BusinessNZ PMI Time Series Data View seasonally adjusted and unadjusted time series data for the BNZ - BusinessNZ PMI BNZ 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, ExportNZ & ManufacturingNZ 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