On average – PMI

16 Mar 2018




Monthly Change


slower rate

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Catherine Beard

Director, Advocacy BusinessNZ

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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".

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Main Indicies

Regional Results

Manufacturing Snapshot

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Doug Steel

Senior Economist, BNZ

Average Performance

There 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.
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Growth Looks Slower

New 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).
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Demand 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 Wobbles

Early 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 Table

The results are seasonally adjusted.

National IndiciesFeb
BNZ - BusinessNZ PMI 56.057.457.651.254.453.4
Employment 51.451.354.451.751.554.8
New Orders58.559.757.149.749.754.1
Finished Stocks56.354.756.351.952.151.1

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BNZ - BusinessNZ PMI Time Series

January 2018 – February 2018

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
1 Mar 2018


International PMI