BNZ – BusinessNZ
Performance of
Manufacturing
Index

Easing into Xmas – PMI

15 Dec, 2016
54.4
November
-0.7

Monthly Change

expanding
slower rate

New Zealand’s manufacturing sector experienced a slight softening of expansion during November, according to the BNZ – BusinessNZ Performance of Manufacturing Index (PMI) for November.
 
The seasonally adjusted PMI for November was 54.4 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 0.7 points lower than October, and the lowest level of expansion since October 2015.  The sector remains solidly in expansion in almost all months since October 2012.

BusinessNZ’s executive director for manufacturing Catherine Beard said that although the lower expansion level for November represented the second consecutive softening in expansion, the fundamentals of the survey remained healthy.
 
“While employment (48.6) went into slight contraction for November, production (57.9) remained unchanged from October, while new orders (58.0) increased 3.1 points.  Also, the proportion of positive comments from manufacturers for November (70%) remained very healthy”.  

BNZ Senior Economist, Craig Ebert, said “that while the PMI slowed to a 13-month low in November, this seems nothing to lose sleep over given it is still above its long-term average of 53.2”.

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

The PMI

The Performance of Manufacturing Index (PMI) slowed to a 13-month low in November. This seems nothing to lose sleep over, however – after putting it in perspective, and looking at its details.
Read more  

Q3 Sales (and Inventory)

And even if the PMI has slowed over November (and October) the September quarter manufacturing data were upbeat.
Read more  

Building

Underpinning momentum in New Zealand’s manufacturing production is surely, still, the construction industry. We’ll get more insight into the latter with today’s Q3 Building Work Put in Place (on BWPIP).
Read more  

Earthquakes

November’s earthquakes will obviously disrupt and displace some business activity. But they will also reinforce the amount of construction that needs to be carried out.
Read more

Craig Ebert

Craig Ebert

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 Nov
2015
Jul
2015
Aug
2016
Sep
2016
Oct
2016
Nov
2016
BNZ – BusinessNZ PMI 55.2 55.6 55.1 57.5 55.1 54.4
Production 54.7 58.0 55.9 61.2 57.9 57.9
Employment 53.5 54.2 47.1 50.1 53.7 48.6
New Orders 57.8 58.1 59.0 60.4 54.9 58.0
Finished Stocks 51.1 49.5 51.5 54.4 52.1 49.4
Deliveries 55.7 55.3 56.0 57.3 55.3 53.0

BNZ – BusinessNZ PMI Time Series

November 2018 – November 2022

International Results

J.P. Morgan Global Manufacturing PMITM

01 Dec 2016
52.1

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