Manufacturing activity remains strong
The latest ANZ-Business NZ Performance of Manufacturing Index, for November 2003, shows the manufacturing sector in
full swing for the Christmas season. Overall activity has increased sharply in September, October and November.
The PMI reading for November was 64.4 (figures above 50 indicate expansion), only slightly lower than October 2003
(64.6) and November 2002 (65.0). The pre-Christmas surge in activity was broad-based, with strong outcomes across all
regions, industry sectors and firm sizes.
Many firms were struggling to fit in extra work before the holidays wind-down. Exporting firms continued to report
difficulties associated with the sharp recovery in the New Zealand dollar, however solid demand from domestic customers
in the lead-up to Christmas is helping to sustain activity levels.