14 Mar 2025

BNZ Performance of Manufacturing Index: March

Manufacturing Snapshot

 

Lifting further above 50

In February, the Performance of Manufacturing Index (PMI) lifted to 53.9 to strengthen its footing above the breakeven 50 mark.

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Activity improving from a weak base

It is important to remember that any improvement in activity is coming from a weak base. Recent official data confirmed weak manufacturing sales in Q4 last year.

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Labour market showing signs of stabilising

New Zealand labour market conditions remain weak, with the unemployment rate relatively elevated.

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Profitability likely to lag

In the latest Quarterly Survey of Business Opinion (QSBO), only a net 1% of manufacturing firms expected profitability to improve in the first quarter of 2025.

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