BNZ – BusinessNZ
Performance of
Manufacturing
Index

Sailing along – PMI

16 Jun, 2017
58.5
May
+1.6

Monthly Change

expanding
faster rate

New Zealand’s manufacturing sector saw expansion in activity lift during May, according to the BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for May was 58.5 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was 1.6 points higher than April, and the highest value since January 2016. Overall, the sector has remained in expansion in all months since October 2012.

BusinessNZ’s executive director for manufacturing Catherine Beard said that the lift in expansion for May more than eclipsed the dip for the previous month.

“The May value for new orders (61.2) remained above the 60-point range, and the highest three-monthly level of expansion for that sub-index since 2004. Production (59.7) lifted 2.7 points, while employment (55.3) rose to its highest value since October 2014”.

“Mirroring the overall result, the proportion of positive comments rose to 69.4%, compared with 64.7% in April and 67.2% in March”.

BNZ Senior Economist, Doug Steel, said “the PMI has now pushed up to its highest level in 16 months,  which makes the mild slowdown we saw at the beginning of the year a distant memory”.

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

Marvellous May

New Zealand’s Performance of Manufacturing Index (PMI) lifted to a very strong 58.5 in May. This is up from April’s 56.9, which was not-too-shabby itself despite some possible drag from the timing of holidays in that month.
Read more  

Demanding

Manufacturing sales in the first quarter of the year rose strongly, according to official figures released last week. The value of sales was 6.2% higher than the same quarter a year earlier.
Read more  

Help Wanted

In keeping with May’s strong production indicators and positive forward demand signals, manufacturers are hiring more staff.
Read more  

Aerial View By Area

PMI results can be a bit volatile month-to-month and more so when looked at on a regional basis. Smoothing over 12 month periods can offer some insight into trends.
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 May
2016
Jan
2017
Feb
2017
Mar
2017
Apr
2017
May
2017
BNZ – BusinessNZ PMI 57.0 53.1 55.7 58.1 56.9 58.5
Production 60.9 49.1 57.8 60.2 57.0 59.7
Employment 52.8 52.2 54.5 53.5 53.1 55.3
New Orders 60.8 53.6 58.9 63.1 62.0 61.2
Finished Stocks 48.6 51.2 55.6 53.0 54.0 54.7
Deliveries 55.2 53.3 54.3 54.3 54.9 58.1

BNZ – BusinessNZ PMI Time Series

May 2018 – May 2022

International Results

J.P. Morgan Global Manufacturing PMITM

01 Jun 2017
52.6

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