Thursday 16th April 2009 |
Text too small? |
Manufacturing improved by 1.8 points to 40.7 in March from February, according to the Bank of New Zealand-Business NZ Performance of Manufacturing Index. A reading below 50 indicates a contraction.
The monthly PMI survey mirrors the Quarterly Survey of Business Opinion, released last week, which showed manufacturers reporting a drop in orders. The PMI jobs indicator sank to a record-low 38.7, while the reading for production was a miserly 37.1, up from a record 34 in the previous month.
"New Zealand's manufacturing industry remains in clear distress," said Craig Ebert, economist at Bank of New Zealand.
All five of the seasonally adjusted diffusion indexes in the PMI were in contraction in March, according to the survey. New orders were at 40.6, while finished stocks were at 47.9. Deliveries of raw materials were at 40.9.
The JPMorgan Global PMI for March rose to its highest level in five months, at 37.2. The PMI for the US reached 36.3, the highest since November, while the Australian PMI was little changed at 33.4.
No comments yet
NZAS Sign Long Term Contracts
Amended - IFT230 Maturity and Exchange for IFT350
Synlait forecast milk price update
Chorus submits 2023 fibre regulatory report
Infratil Infrastructure Bond Exchange Offer opens
May 31st Morning Report
NZAS and Mercury sign long-term agreement, creating opportunity for future investment in renewables
Meridian and NZAS sign long term contracts
ArborGen Holdings Results for Year Ended 31 March 2024
BAI - Full unaudited results to 31 March 2024