Labour and the other opposition parties haughtily declared that manufacturing was in crisis. Almost the second after they declared the crisis manufacturing started posting results for the sector that showed that not only was it not in crisis but rather healthily growing.
Manufacturing continues to grow, making a mockery of the opposition inquiry into the “crisis”.
Activity in New Zealandâ€™s manufacturing sector continued to march onwards, according to the latestÂ BNZ – BusinessNZ Performance of Manufacturing Index (PMI).
The seasonally adjusted PMI for March was 58.4 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was 1.9 points higher than February and the highest level of activity since July 2013. The sector has now been in expansion for 19 consecutive months, with the first quarter of 2014 averaging 57.1.
BusinessNZâ€™s executive director for manufacturing Catherine Beard said that there were a number of pleasing aspects to the March result.Â Read more »