Ups and downs – PMI

10 Dec 2021




Monthly Change


slower rate

View Catherine Beard's profile

Catherine Beard

Director, Advocacy BusinessNZ

View profile

New Zealand's manufacturing sector saw a lower level of expansion for November, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for November was 50.6 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 3.6 points lower than October.

BusinessNZ's Director, Advocacy Catherine Beard said that the up and down nature of the key sub-indices that make up the overall result shows that the sector has some way to go to get back to what we saw during the first half of 2021.  

"New Orders (54.7) has remained very consistent over the last three months.  Production (52.2), while positive, has remained somewhat lacklustre.  Employment (48.2) fell back into contraction for the first time since December 2020, while Finished Stocks (48.3) and Deliveries (42.9) both returned in contraction after exhibiting expansion in October."

"In addition, the proportion of negative comments from respondents rose to 57.6% in November, compared with 55.4% for October and 71% in September."

BNZ Senior Economist, Doug Steel stated that “the PMI implications for economic (and employment) growth seem clear – soft.  But with obvious difficulties remaining on the supply side, we’d suggest that inflation is still rising."

View the Time Series Data

Main Indicies

Regional Results

Manufacturing Snapshot

View Doug Steel's profile

Doug Steel

Senior Economist, BNZ


The Performance of Manufacturing Index (PMI) underwhelmed in November. It fell to 50.6, after a spurt higher to 54.2 in October. So back below average.
Read more

Delivery down

Disconcertingly, all sub-components were below their respective long-term norms in November.
Read more

Employment falls

Perhaps the most disappointing number in today’s PMI was employment. It had been slowing over recent months but slipped further to 48.2 in November from 51.7 in October.
Read more

What does it mean?

All we can reasonably say from the PMI’s October and November employment readings is that they suggest minimal manufacturing employment growth so far in Q4.
Read more

View full BNZ Manufacturing Snapshot

PMI Time Series Table

The results are seasonally adjusted.

National IndiciesNov
BNZ - BusinessNZ PMI 54.862.539.851.554.250.6
Employment 51.457.854.154.051.748.2
New Orders55.663.344.154.354.254.7
Finished Stocks60.656.245.849.854.648.3

View the Time Series Data

BNZ - BusinessNZ PMI Time Series

January 2018 – November 2021

PMI Time Series Graph

International Results

J.P. Morgan Global Manufacturing PMITM
1 Dec 2021


International PMI