Stepping Up – PMI

12 Nov 2021




Monthly Change


previously contracting

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Catherine Beard

Director, Advocacy BusinessNZ

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New Zealand's manufacturing sector saw further steps into expansion for October, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for October was 54.3 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 2.7 points higher than September.

BusinessNZ's Director, Advocacy Catherine Beard said that the increased activity for October was fairly evenly spread across the sub index values.

"The key sub-indices of Production (54.0) and New Orders (53.9) were both in positive territory for the first time since July.  Like the last national lockdown, Deliveries (59.9) led the way towards catching up on activity, although Employment (52.1) fell back to its lowest result since February."

"In addition, the proportion of negative comments from respondents dropped to 55.4% for October, compared with 71% in September and 78% in August."

BNZ Senior Economist, Doug Steel stated that “even though October’s reading is above average, we’d classify it more in the realm of some recovery from a large hit rather than an indication of outright strength."

View the Time Series Data

Main Indicies

Regional Results

Manufacturing Snapshot

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Doug Steel

Senior Economist, BNZ


The Performance of Manufacturing Index (PMI) lifted to 54.3 in October. This builds on the 51.6 it managed to get to in September, after the extreme weakness of 39.7 during August’s level 4 restrictions. It’s a step in the right direction.
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By region, Northern saw the strongest unadjusted reading, of 62.5, in October. Again, this looks like some bounce from a period of extreme weakness (remember 28.1 back in August) compared to other regions rather than necessarily portraying a strong level of activity.
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The PMI production index lifted to 54.0 in October. This follows two months in contraction territory, offering a sense that manufacturing output turned the corner in the month.
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Through all the chop and change over recent months, employment indicators have remained positive. Sure, the PMI employment index eased to 52.1 in October from 54.2 in September, but it remains above its long-term norm.
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View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National IndiciesOct
BNZ - BusinessNZ PMI 51.359.962.439.751.654.3
Employment 52.056.557.854.154.252.1
New Orders52.562.863.
Finished Stocks49.256.956.445.950.254.9

View the Time Series Data

BNZ - BusinessNZ PMI Time Series

January 2018 – October 2021

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
2 Nov 2021


International PMI