New Zealand BusinessNZ manufacturing PMI rose 0.3 to 58.6 in May. Looking at some details, production rose from 64. to 65.3. Employment dropped from 52.2 to 51.5. New orders rose from 61.0 to 63.7. Finished stocks dropped from 54.7 to 52.4. Deliveries rose from 52.6 to 53.5.
BusinessNZ’s executive director for manufacturing Catherine Beard said: “Globally, manufacturing activity continues to expand at a robust pace, culminating in an 11-year high for May. However, this has led to upwards pressure on input prices across most countries, including New Zealand, given comments from respondents outlining increased costs of raw materials.”
