Manufacturing showing signs of life

The manufacturing sector was little changed last month but a measure of its performance is well above the survey's lowest point in November 2008.

The BNZ Capital - Business NZ Performance of Manufacturing Index (PMI) for November was 51.8, an increase of 1.3 points from October. It is the highest level since February 2008 and 16.9 points above November 2008 year - the lowest point since the survey began. A figure above 50 indicates manufacturing activity is expanding.

Four of the five indices displayed expansion.

Production was 52.8, while new orders was 56. Employment, at 50.1, remained largely unchanged during November after contraction during the previous month.

Deliveries of raw materials, 50.2, while finished stocks were 46.6.

The northern region, 62.9, experienced a strong increase in activity for November, with its highest result since November 2006.

Both the Otago/Southland, at 61.9, and central, at 58.9, posted their highest level of expansion since November 2007, while the Canterbury/Westland region, at 54.4, remained largely unchanged from the previous month.

- NZPA