BNZ – BusinessNZ
Performance of
Manufacturing
Index

Autumn tinge – PMI

14 Apr, 2016
54.7
March
-1.2

Monthly Change

expanding
slower rate

New Zealand’s manufacturing sector continued to experience a slower rate of expansion in March, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for March was 54.7 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 1.2 points down from February, and the lowest level of expansion since October 2015.  The sector has now been in continued expansion since October 2012.

BusinessNZ’s executive director for manufacturing Catherine Beard said that the dip in expansion for March was across all the sub-indices, with employment in slight contraction for the second month running.

“While a number of negative comments mentioned a slowdown in both domestic and offshore orders, it is still important to remember that two-thirds of comments from manufacturers remain positive, not to mention that the sector is still in expansion mode.”    

BNZ Senior Economist Doug Steel said ‘while there are some conflicting signals in the details, the PMI indicates ongoing growth in the manufacturing sector overall. NZ’s PMI remains well ahead of many other major economy equivalents.’

Catherine Beard

Catherine Beard

Director, Advocacy BusinessNZ

BNZ - BusinessNZ PMI

Time Series Data

View seasonally adjusted and unadjusted time series data for the BNZ - BusinessNZ PMI

Manufacturing Snapshot

PMI Looks Solid

SolidNew Zealand’s Performance of Manufacturing Index (PMI) showed a slower rate of expansion in March (54.7) compared to February (55.9), which itself was slower than January (57.9). A slowdown for sure, but it would have to extend quite a bit further before it became a genuine growth worry.

Read more  

Devil In The Detail?

Even though the PMI remains robust overall, there are a few potential devils in the detail. Lower employment and a relatively high inventory reading are worth monitoring from here.

Read more  

Are New Orders Up, Down or Sideways?

New orders are a good gauge of near term demand. The problem is the PMI survey and last week’s QSBO are giving highly conflicting signals on this front.

Read more  

NZ Still Stands Out

On a three month average basis, NZ’s PMI still stands head and shoulders above similar indicators from major economies around the world.

Read more .

Doug Steel

Doug Steel

Senior Economist, BNZ

Sponsor Statement

BNZ 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.

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Mar
2015
Nov
2015
Dec
2015
Jan
2016
Feb
2016
Mar
2016
BNZ – BusinessNZ PMI 55.2 55.1 57.0 57.9 55.9 54.7
Production 56.4 54.2 56.9 60.3 56.5 55.0
Employment 50.5 53.8 52.5 54.2 48.8 48.6
New Orders 56.7 58.2 60.0 59.9 60.7 58.2
Finished Stocks 52.7 50.7 55.2 54.5 57.2 55.5
Deliveries 55.6 55.1 57.6 57.4 56.0 52.6

BNZ – BusinessNZ PMI Time Series

March 2018 – March 2022

International Results

J.P. Morgan Global Manufacturing PMITM

01 Apr 2016
50.5

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.

PMI Releases

Building blocks – PMI

New Zealand's manufacturing sector saw another lift in expansion for August, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for August was 54.9 (a PMI reading above 50.0 indicates that manufacturing is...

On the margins – PMI

New Zealand's manufacturing sector rose back into expansion for July, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).The seasonally adjusted PMI for July was 52.7 (a PMI reading above 50.0 indicates that manufacturing is generally...

Mid year blues – PMI

New Zealand’s manufacturing sector fell back into contraction for the first time since the most recent national lock-down in August 2021, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

Soldering on – PMI

New Zealand’s manufacturing sector remained under its long-term average level of activity for May, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

Slow grind – PMI

New Zealand’s manufacturing sector experienced a lower level of expansion during April, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

Our Contributors

The BNZ – BusinessNZ PMI contains data obtained through BusinessNZ’s regional organisations