manufacturing sector finished the year with in solid growth, according to the
BNZ – BusinessNZ PMI.
seasonally-adjusted survey showed an overall result of 56.4 for December. Any
result above 50 indicates growth.
National Business Review reports that the overall result of was slightly down
from November’s 56.7, but compared favourably against the corresponding month a
year earlier, which delivered a result of 50. 7.
PMI, in contrast, recorded an overall result of 47.6 in December.
“The combination of strong new
orders and falling inventory in the PMI is a positive indicator for more
production ahead,” said BNZ economist Doug Steel.
“Manufacturing growth might well
surprise on the high side given that the difference between the PMI new orders
and inventory indicators is at its widest since 2004.”
Of the five major indices, four were in
expansion, with metal product manufacturing delivering a score of 49.9.
To read the
details of the December survey, click here.