Thursday 10th December 2009
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New Zealand manufacturing climbed to a 21-month high in November, adding to signs that the sector has pulled itself out of a hole after contracting for 16 straight months, according to the BNZ Capital-Business NZ Performance of Manufacturing Index.
The seasonally adjusted PMI rose 1.3 points from October to 51.8 and is now 16.9 points higher than the series low it plumbed in November 2008.Four of the five seasonally adjusted diffusions indexes had readings greater than 50, the level that separates contraction from expansion.
“It’s hardly a surge but it does suggest some stabilization is underway,” said Mark Walton, economist at BNZ.
New Zealand climbed out of its first recession in a decade in the second quarter this year as returning expatriates and an inflow of new migrants helped underpin the housing market, and boost business and consumer confidence. The central bank today boosted its forecast for economic growth, projecting 1.1% quarterly gains in gross domestic product in the December quarter next year and March quarter of 2011.
Today’s PMI showed production climbed 52.8, while new orders strengthened to 56. Employment, at 50.1, was little changed from the previous month as was deliveries of raw materials at 50.2. Finished stocks was the only sub-index that fell in November, at 46.6.
New Zealand’s November PMI compares with a reading of 53.6 for the JPMorgan Global PMI, while the US PMI slipped to 53.6 and the Australian PMI was at 51.2.
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