BusinessNZ manufacturing PMI for February down on the month and well in expansion. The long-run average is around 53.0, so at 53.4 its above.

Major sub-indexes:

  • Production (57.3)
  • New Orders (56.2)
  • Employment (49.8)
  • Deliveries (47.6)

Comments from analysts:

BusinessNZ's executive director for manufacturing Catherine Beard:

  • "Despite the PMI remaining in expansion, the proportion of those outlining negative comments stood at 54%, compared with 46% in January. Given the second recent partial lockdown, it remains to be seen what impact this will have on the sector over the next few months."

BNZ Senior Economist, Craig Ebert:

  • "supply issues were to the fore from respondents' comments to February's PMI survey. Of those citing negative factors, supply rather than demand problems dominated, with frequent references to supply chains, shipping, freight, costs, and difficulties in finding suitable staff."