Manufacturing picks up

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ANZ Business NZ PMI Manufacturing Activity / Performance Report

Manufacturing activity lifted slightly in June but continued to hover round the threshold mark between expansion and decline, according to the ANZ-Business NZ Performance of Manufacturing Index released today.

The June PMI was 53.2, up from 49.6 in May (a PMI reading above 50 points indicates manufacturing is generally expanding; below 50 indicates it is contracting).

It was the first time since March that manufacturing has shown general expansion.

All five sub-indexes, production, employment, new orders, finished stocks and deliveries, recorded expansion.

However manufacturers noted a slowing in demand and commented on compliance costs and the high New Zealand dollar.

New Zealand’s PMI performance in June – moving towards modest expansion after two months of decline - returns it to a level similar to that prevailing in Australia.

Full results are available on www.anz.co.nz under 'ANZ Spotlight/Economics' and on www.businessnz.org.nz under 'PMI Reports'.

The ANZ-Business NZ PMI (performance of manufacturing index) is sponsored by business banking specialist ANZ Banking Group (NZ) Ltd and draws on the depth of member companies associated with Business NZ: EMA (Northern), EMA (Central), Canterbury Employers’ Chamber of Commerce, Canterbury Manufacturers’ Association and Otago Southland Employers’ Association.

For media comment: Simon Carlaw Chief Executive Business NZ ph 04 4966555, scarlaw@businessnz.org.nz, David Drage Chief Economist ANZ ph 04 4968795, draged@anz.com.

For more information or
assistance with data interpretation, contact Stephen Summers, ph 04 4966564, ssummers@businessnz.org.nz.