Nueva Zelandia - PMI manufacturero

The BusinessNZ Performance of Manufacturing Index in New Zealand declined to 51.4 in December 2019 from 52.6 in the previous month. Three of the five components stood in contraction zone, while one lost steam and one gained some. New orders declined to 54.5 from 55.6, whereas production dropped to 49.6 from 52.4. Employment (49.2 vs 50.0) and finished stocks (48.6 vs 48.4) also contracted. Only deliveries (52.8 from 51.3) booked a better performance against October. “Overall, our take is that NZ manufacturing is still running a bit below average, but caution is mixing with some hints of improvement. If October’s big lift in the PMI suggested the worst of NZ’s economic slowdown was behind us, November’s consolidation suggests any acceleration is not going to be in a straight line,” said BNZ Senior Economist, Doug Steel.

The BusinessNZ Performance of Manufacturing Index in New Zealand increased to 52.6 in October 2019 from an upwardly revised 48.8 in the previous month. The latest reading pointed to the first expansion in the factory sector in four months and the sharpest since April, as output (52.6 from 50.9 in September) and deliveries (51.9 from 46.8) rose into positive territory. Also, new orders advanced at the fastest pace in 18 months (56.2 from 50.9) and employment went up slightly (50.2 from 50.1). Meanwhile, finished stocks dropped further (48.5 from 49), remaining into contraction territory and recording its lowest level since February 2014. “The October PMI is hardly what you would call strong. But it is certainly much better than the previous three months where the index languished below 50 which indicated a sector going backwards,” said BNZ Senior Economist, Doug Steel.

The BusinessNZ Performance of Manufacturing Index in New Zealand remained unchanged at 48.4 in September 2019, pointing to the third consecutive contraction in the factory sector. Output fell to its lowest level since April 2012 (46.2 vs 49.2 in August) and deliveries of raw material dropped at the fastest pace since March 2011 (46.4 vs 47.9). On the other hand, new orders returned into expansion territory (50.1 vs 45.9) while employment stayed at 50 after four straight declines (vs 49.9 in August). Looking ahead, the proportion of positive comments improved from the previous month.

The BusinessNZ Performance of Manufacturing Index in New Zealand edged up to 48.4 in August 2019 from a downwardly revised 48.1 in July 2019. The latest reading pointed to the second consecutive contraction in the factory sector, as output fell into negative territory (49.7 from 51.2 in July) and new orders (45.6 from 48.5) and deliveries (48 from 48.9) shrank further. Also, finished stocks declined slightly (53 from 53.1) while employment rose but still remaining in contraction territory (49.3 from 42.3). “Disconcertingly, the PMI adds to a building case over recent times that there has been a palpable softening in demand - at least for manufactured goods,” said BNZ Senior Economist Doug Steel.

The BusinessNZ Performance of Manufacturing Index in New Zealand decreased 2.9 points from the previous month to 48.2 in July 2019, missing market expectations of 51.8 and pointing to the first month of contraction in the manufacturing sector since September 2012. The new orders sub-index dropped to its lowest level since December 2012 (-3.5 points to 48.9), while the employment sub-index fell for the third consecutive time to reach its lowest value since June 2009 (-4.6 points to 42.6). In addition, finished stocks increased at a softer pace (-4.1 points to 53.2) and deliveries continued in negative territory (+0.3 points to 48.9). The production sub-index was unchanged at 51.1.

New Zealand’s BNZ Manufacturing PMI rose to 51.3 in June 2019 from an upwardly revised 50.4 in the previous month but below market expectations of 53.1. The latest reading pointed to a stronger expansion in factory activity, as output (51 from 46.8 in May); new orders (52.8 from 50.7) and finished stocks (57.6 from 56.8) increased. On the other hand, deliveries fell into contraction territory and to its lowest level since September 2012 (48.9 from 51.2) and employment dropped to a near 3-year low (48 from 48.5).