NZ manufacturing job losses despite positive PMI

Job losses are still hitting New Zealand’s manufacturing
sector, despite positive economic indicators and talk of the nation’s ‘rock star economy’.

The Dominion Post reports that 40 people will be sacked from
Wellpack’s paper bag manufacturing facility in Upper Hut on the New Zealand
North Island, while Tasman Insulation, the company which manufacturers New
Zealand’s Pink Batts insulation will close its Christchurch factory and cut 30

Tasman Insulation, a subsidiary of Fletcher Building, is
proposing to move its local operations to Auckland and create nine new jobs at
a facility in Penrose.

The news coincides with the release of the BNZ-Business New Zealand PMI which was up 1.1 points in September to an overall result of 58.1, with
all five of its sub-indices above 50.

The result means that the sector has experienced 25
consecutive months of expansion. And it was also the fourth consecutive
month-on-month increase in the overall PMI.

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