Manufacturers humming

WELLINGTON - Manufacturing is booming, according to an October survey of business confidence.

Export sales were up 21 per cent on October 1998, domestic sales up 9 per cent and staffing up 10 per cent, said the survey published by the Northern Employers and Manufacturers Association.

"This is one of the most positive results we have had from the survey, which has been running for more than six years," said director Bruce Goldsworthy.

However, levels of general confidence were, if anything, slightly down on the month before.

Mr Goldsworthy noted that 17 per cent of those surveyed expected to increase staff, while the rest expected staff levels to remain stable over the next three to six months.

There was a marked change in expectations for the New Zealand dollar, with most businesses picking that the currency would appreciate.

Profitability was buoyant, with 44 per cent experiencing a modest to sharp rise, although that was actually down from the September figure of 46 per cent.

- NZPA