New Zealand manufacturing expanded again in June, the 21st
consecutive month of growth for the sector, according to the latest figures.
BusinessNZ’s Performance of Manufacturing Index (PMI) for
June was 53.3. This represented a 0.7 point increase when compared to the
figure for May.
PMI results above 50 correlate with expansion in the sector,
while figure under 50 indicate contraction.
“Overall production levels remain healthy, and have been
very consistent for the last three months. Employment levels continue to show
more people entering the sector, while the largest proportion of comments
received are still positive,” BusinessNZ’s executive director for manufacturing
Catherine Beard said of the result.
“As mentioned last month, the fundamentals of both the PMI
and other indicators of the economy still point to positive activity. However,
the continued strength of the New Zealand dollar, as well as new order levels
continuing to fall, mean there are elements of the sector that need to be
watched closely in the months ahead.”
In addition, Production (55.9) was 0.8 points higher than
May and Deliveries (55.1) rose 3.6 points. However, New orders (50.9) fell by
0.4 points; Employment (52.9) was down 0.6 points; and Finished stocks (49.7)
fell 2.6 points.