BNZ – BusinessNZ
Performance of
Manufacturing
Index

Orderly business – PMI

17 Mar, 2017
55.2
February
+3.0

Monthly Change

expanding
faster rate

New Zealand’s manufacturing sector saw activity increase in February after a dip in expansion during January, according to the BNZ – BusinessNZ Performance of Manufacturing Index (PMI).
 
The seasonally adjusted PMI for February was 55.2 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining).  This was 3.0 points higher than January, and the highest level of expansion since September 2016.  Overall, the sector has remained in expansion in almost all months since October 2012.

BusinessNZ’s executive director for manufacturing Catherine Beard said that it was pleasing to see the sector pick up after January’s dip due to mostly seasonal factors.
 
“While a few respondents continued to outline negative seasonal factors impacting their overall activity levels during February, the 61.7% of positive comments received pointed to increased orders, both at a domestic and offshore level”. 

BNZ Senior Economist, Craig Ebert, said “it was good to see the PMI bounce in February.  Had it not, we would have become a little apprehensive about the way it was going”.

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

It was good to see New Zealand’s Performance of Manufacturing Index (PMI) bounce in February. Had it not, we would have become a little apprehensive about the way it was going.
Read more  

Manufacturing GDP

February’s PMI is particularly encouraging in suggesting the weak manufacturing result we saw in yesterday’s Q4 GDP report was transitory rather than the start of a genuine struggle.
Read more  

Forestry

The local forestry industry is doing well. That said, its activity in the final quarter of 2016 eased from the level it spiked to in Q3.
Read more  

Exchange Rate

Supporting New Zealand’s manufacturing sector, in general, has been the recent moderation in the currency. Aided by a resurgent US dollar, NZD/USD (and NZD/CNY, for that matter) has dropped about 5% since early February.
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 Feb
2016
Oct
2016
Nov
2016
Dec
2016
Jan
2016
Feb
2017
BNZ – BusinessNZ PMI 55.3 55.1 54.4 54.3 52.2 55.2
Production 56.1 57.8 57.2 57.0 51.7 56.8
Employment 49.6 53.2 49.3 52.0 51.6 51.4
New Orders 58.6 54.9 57.8 52.8 53.1 57.2
Finished Stocks 55.2 52.7 50.2 52.0 50.9 55.1
Deliveries 55.5 55.5 53.1 54.6 53.3 54.0

BNZ – BusinessNZ PMI Time Series

February 2018 – February 2022

International Results

J.P. Morgan Global Manufacturing PMITM

01 Mar 2017
52.9

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