Ups and downs – PMI 10 Dec 2021 50.6November-3.6Monthly Changeexpandingslower rate 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 Doug Steel Senior Economist, BNZ PMIThe 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 moreDelivery downDisconcertingly, all sub-components were below their respective long-term norms in November.Read moreEmployment fallsPerhaps 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 moreWhat 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 TableThe results are seasonally adjusted. National IndiciesNov2020Jul2021Aug2021Sep2021Oct2021Nov2021 BNZ - BusinessNZ PMI 54.862.539.851.554.250.6 Production54.964.527.150.353.252.2 Employment 51.457.854.154.051.748.2 New Orders55.663.344.154.354.254.7 Finished Stocks60.656.245.849.854.648.3 Deliveries51.555.232.947.659.942.9 View the Time Series Data BNZ - BusinessNZ PMI Time Series January 2018 – November 2021 International ResultsJ.P. Morgan Global Manufacturing PMITM 1 Dec 202154.2 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 BusinessNZ RAT Suppliers Guides & Tools BusinessNZ RAT Suppliers RATs for non-critical business, agencies and organisations BNZ - BusinessNZ PMI Time Series Data View seasonally adjusted and unadjusted time series data for the BNZ - BusinessNZ PMI Sponsor StatementBNZ 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, BusinessNZ 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