none

NZ MANUFACTURING ACTIVITY STALLS

18-06-2015
by 
in 

New Zealand’s manufacturing sector experienced another minor dip in its level of expansion during May, according to latest industry data.

The BNZ-BusinessNZ Performance of Manufacturing Index (PMI) was 51.5 for May (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).

This was 0.2 points lower than April, and the third time in five months that the PMI has been in the 51.0-51.9 range. Despite another expansion dip, the sector has now been in expansion for 32 consecutive months.
BusinessNZ’s executive director for manufacturing Catherine Beard said the May result showed a growing picture of a general slowdown in the level of manufacturing expansion at present.
“The proportion of negative comments for May (47.3%) was up again from the previous month (43% in April). Comments in May were along similar lines to last month in terms of the high value of the New Zealand dollar relative to the Australian, as well as the lacklustre Australian economy. In addition, a number of respondents mentioned the lower dairy payout causing a decrease in new orders."
BNZ senior economist Craig Ebert noted that: "Whatever is slowing New Zealand’s manufacturing production the sector has at least had some relief in the form of a weakening currency of late. NZD/USD has now dropped about 20 percent from a year ago – to be at its lowest level in 5 years." 
"The weaker NZ dollar might be something to support the PMI readings over the coming months."

Related news & editorials

  1. 14.12.2018
    14.12.2018
    by      In
    The convenience of opening doors or logging onto computers with the wave of a hand is now possible with new technology that enables humans to be microchipped.
    A human microchip is the size of a grain of rice and it is implanted into the hand, between the thumb and forefinger, in a quick and fairly... Read More
  2. 14.12.2018
    14.12.2018
    by      In
    An additional $500,000 Federal Government investment is set to allow Deakin’s ManuFutures advanced manufacturing business incubator to set up a new acceleration programme for its members. The new ManuFutures Export Acceleration Programme (MEAP) will support the emerging businesses to strengthen... Read More
  3. 13.12.2018
    13.12.2018
    by      In
    After a long stint as the Asia-Pacific Managing Director of 600 Machine Tools, Cliff Purser is retiring from his post in Sydney, and returning to live in New Zealand.
    The genial Englishman has led the 600 team in Australia since transferring in November 2004 from the position of New Zealand... Read More
  4. 13.12.2018
    13.12.2018
    by      In
    Adelaide has been chosen as the headquarters of the newly established Australian Space Agency.
    The Australian Space Agency was officially launched on 1st July and received $41 million over four years from 2018-19 in the federal budget to “grow the Australian space industry,” including $26 million... Read More