Waikato manufacturers bounce back

Published: Fri 20 Dec 2002 11:10 AM
Waikato manufacturers bounce back
Manufacturers in the Waikato are seeing a quick rebound to more prosperous times according to the latest ANZ-Business NZ Performance of Manufacturing Index (PMI).
The result for November puts the overall index at 67.1, said Mike Burgess, executive officer for the Waikato Manufacturers Association.
The PMI is an early indicator surveying manufacturing activity levels that allows comparisons with other regions in New Zealand, and with Australia, the US and elsewhere. A reading above 50 indicates growth, below 50 a reduction, and with the distance from 50 indicating the extent of the growth or lessening of activity.
"Waikato manufacturers bounced back strongly in November after slow progress in September and October," said Mr Burgess.
"The PMI result is significant as it shows manufacturing continuing to grow though income in the agriculture sector is forecast to lessen.
"Furthermore new orders are looking especially strong, production levels are high and finished stocks are low - all these are signs that the period of growth will continue well into the new year.
"Offsetting the optimistic outlook is the ongoing strength of the NZ dollar, especially the cross rate with Australia which is affecting investment planning."

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