It’s the economy stupid…

Labour and their fellow travellers the Green Taliban would ahve you believe that National don;t know what they are doing with the economy.

But a string of new statistics prove otherwise and show that we have a world leading manufacturing sector expansion underway:

Manufacturing PMI

The BNZ-BusinessNZ seasonally adjusted PMI for July stood at 59.5, which  was 4.3 points higher than June and a return to strong levels of expansion seen in May. Compared with previous July results, the 2013 value was the highest since the survey began in 2002, and the third highest monthly result on record. Overall, the first seven months of 2013 has averaged a healthy 56.3. 

The biggest rise in retail sales since 2006:

Strong sales in the core retailing industries, led by the food and beverage service industry, lifted retail spending in the June 2013 quarter, Statistics New Zealand said today.

After adjusting for seasonal effects the volume for the core retailing industries (which exclude the two vehicle-related industries) rose 2.3 percent compared with the March 2013 quarter. This rise is the largest increase in the series since the December 2006 quarter.

“A record increase in the food and beverage services industry topped off the widespread rise of consumer spending, with increased sales in 12 of the 15 industries for the June quarter,” industry and labour statistics manager Blair Cardno said.

The total volume of retail sales rose 1.7 percent, with the largest movements in:

  • fuel retailing, down 5.0 percent
  • food and beverage services, up 4.5 percent
  • motor vehicle and parts retailing, up 3.0 percent
  • department stores, up 5.4 percent.

More jobs on offer:

  • Job advertising finally showed a decent lift in July with the sum of newspaper and internet ads rising 3.5 percent (seasonally adjusted). The index is 4.5 percent higher than a year ago.
  • The growth reflected a 2.3 percent monthly increase in internet ads, further bolstered by an 11 percent lift in (much smaller) newspaper advertising. The level of internet ads is 5.9 percent higher than a year ago.

Soaring consumer confidence:

  • Consumers remain in a buoyant mood.
  • The exception was a knock to sentiment in Wellington, following last month’s strong earthquake.
  • Perceptions of financial well-being are positive relative to a year ago (though still low) and it’s still perceived as a good time to buy a major appliance. Both are positive signals for spending momentum.
  • Our Confidence Composite growth indicator, which combines consumer and business confidence, is signalling an economy in acceleration mode with the potential for close to 4 percent growth.

Happy voters don’t vote for change, especially happy voters in jobs, in a growing and vibrant economy.

They especially don’t change when the opposition looks like the Green led Labour/Mana/NZ First hydra.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.