Manufacturing Activity Continues To Climb

Media release
27 November 2003
EMBARGO: 28 November 2003

Manufacturing activity continues to climb

The latest ANZ-Business NZ Performance of Manufacturing Index shows manufacturing activity increasing as the holiday season draws closer.

The PMI reading for October was 64.6 (figures above 50 indicate expansion), up 5 points from September and 3.1 points from October 2002, but just short of a peak of 65.0 in November 2002. The lift in activity was founded on a pick-up in activity across all sectors and all regions in October.

The improvement in activity is partly seasonal as Christmas draws closer but was helped by favourable weather conditions. Responses to the survey continue to highlight the contrast between the domestic sector buoyed by the ongoing building boom and those manufacturers with an export bias. Manufacturers also reported ongoing difficulties finding suitable staff, mirroring unemployment at a sixteen year low of 4.4%.

Full results are available on www.anz.co.nz under 'ANZ Spotlight/Economics' and on www.businessnz.org.nz under 'PMI Reports'.

The ANZ-Business NZ PMI (performance of manufacturing index) is sponsored by business banking specialist ANZ Banking Group (NZ) Ltd and draws on the depth of member companies associated with Business NZ: EMA (Northern), EMA (Central), Canterbury Employers' Chamber of Commerce, Canterbury Manufacturers' Association and Otago Southland Employers' Association.

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