How inconvenient

June 14th, 2013 at 3:38 pm by David Farrar

Oh dear. The oppositions manufactured crisis in has been dealt another blow. Today saw the release of the latest BNZ/Business NZ Performance of Manufacturing Index. And what does it say:

The manufacturing sector recorded its highest level of activity for almost nine years, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for May was 59.2 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This is the highest level of overall expansion since June 2004. Compared with previous May results, the 2013 value was the highest since the survey began in 2002.

That’s a strange definition of crisis.

BNZ Economist Doug Steel said that PMI results do not get much bigger than this, even globally. 

“The pick-up is material. It puts upside risk to our manufacturing and overall economic growth forecasts over coming quarters. The strong result essentially gives us more confidence that the recent and forecast upswing in construction activity will flow through to manufacturing activity, with the usual lag.”

Russel Norman will be very upset.

PMI

 

That’s a pretty impressive crisis.

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28 Responses to “How inconvenient”

  1. stigie (1,173 comments) says:

    Where in hell does the far left go for shelter now ?

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  2. Rich Prick (1,700 comments) says:

    Funnily enough, the index was tanking during the dying days of the Clark administration and perked right on up after National was elected.

    Hey Clint, do I look like a fool?

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  3. Kelly (29 comments) says:

    @stigie
    3.43

    They go to the Sky City Corporate Box in Eden Park of course :)

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  4. burt (8,269 comments) says:

    Of course it tanked during the Clark administration… the economy always tanks under socialism… The only people who don’t notice that are beneficiaries and unionists because Labour makes sure they are looked after at the expense of the productive sector.

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  5. Johnboy (16,516 comments) says:

    Everybody knows that the upsurge in manufacturing is carried on the back of excessive pollution of our natural environment.

    The squeaky little Aussie cunt will sort all this out when he gets control of the country! :)

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  6. In Vino Veritas (139 comments) says:

    Hmm, looking at that graph, it would appear the manufacturing crisis began in 2004 and ended in 2008. Whoops, that’d be a socialist own goal surely?

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  7. jaba (2,141 comments) says:

    “Jobs losses confirm need for action on manufacturing crisis
    Friday, 14 June 2013, 4:14 pm
    Press Release: Green Party

    14 June 2013

    More jobs losses confirm need for action on manufacturing crisis”
    this was just posted on Twitter Via SCOOP .. Wed Wussel on a mission

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  8. Fisiani (1,039 comments) says:

    Wonderful graph -tells the story.
    NZ plummets under socialism and rises under National. After a few terms people forget how awful socialism is and they get back in for a while till we wisen up and kick them out.

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  9. Manolo (13,754 comments) says:

    Where is the enfeebled toad to defend his communist master?

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  10. Johnboy (16,516 comments) says:

    toad does a lot of “Dirty Sanchez” stuff for his master Manolo! :)

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  11. trout (939 comments) says:

    A further demonstration of how the Greens and Labour are totally out of touch with the business world. They speak in slogans; no research, no empathy. Has anybody seen Russell Norman visit a factory?

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  12. Manolo (13,754 comments) says:

    Norman doesn’t mingle with the proletarians. He claims to defend them, but as any other communist he wants to enslave them.

    Comrade Norman is an enemy of New Zealand.

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  13. thedavincimode (6,759 comments) says:

    Manolo

    Looks like manufacturing is tracking well under labour lite.

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  14. Johnboy (16,516 comments) says:

    “Comrade Norman is an enemy of New Zealand.”

    Course he fuckin is. The ginga prick is an Aussie! :) :)

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  15. PaulP (150 comments) says:

    “Give me back my flag!”

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  16. Rich Prick (1,700 comments) says:

    “Give me back my dignity!”

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  17. KiwiFreckles (4 comments) says:

    It would be interesting plotting this data against our exchange rates that manufacturers have been bleeting about for so long. Or have they finally realised that the USD is unlikely to fall below 60c again and decided to just get on with it.

    I’m no expert in this at all so would love some commentary from people who do.

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  18. greenjacket (465 comments) says:

    KiwiFreckles: Only a couple of manufacturers were “bleeting” (sic) – 99% of us got on with running our businesses. The whole thing about the exchange rate was BS anyway, as it was only high relative to the Euro and USD – if you exported goods to Aussie (NZ’s biggest market by far) you were sweet.
    This Greens-Labour inquiry into manufacturing has only underlined how Greens-Labour really don’t have a clue about manufacturing businesses.

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  19. thedavincimode (6,759 comments) says:

    Rich Prick

    Are you admitting that you actually think that the whining whinga ginga cunt ever had any dignity?

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  20. bhudson (4,740 comments) says:

    I see a very sharp upward kick since the inquiry into manufacturing began…

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  21. bhudson (4,740 comments) says:

    I think this calls for an inquiry into why inquiries are so effective…

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  22. Rich Prick (1,700 comments) says:

    thedavincimode, no, wash your mouth out with CO2!

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  23. Keeping Stock (10,337 comments) says:

    What LabourGreenNZFirstMana (can you imagine that monster governing?) see as a manufacturing crisis has turned out to be nothing more than a MANUFACTURED crisis. Their “parliamentary inquiry” has been nothing more than an expensive political stunt.

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  24. hmmokrightitis (1,590 comments) says:

    How odd – here I was expecting to find toad and….

    nope. Maybe hes at the rugby looking for a box…

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  25. Nostalgia-NZ (5,195 comments) says:

    Rather than feeling encouraged by good manufacturing figures, a dramatic increase in building consent numbers, increased Fontera pay outs for next year – tit for tat carries the order of the day. But don’t forget about the corporate box infringement, exquisite agony for those that have trouble getting their rocks off.

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  26. SPC (5,619 comments) says:

    The manufacturing sector has been sustained by the Tasman trade – a period when our dollar was below 80 cents Oz. As we return to the days of out OCR being a 1 or 2 % higher, the Enzed dollar will rise over 90 cents Oz.

    Hopefully LTV criteria at 33% will be set for secondary (excluding residential homes and other first property) property to diminish need to increase the OCR – maybe 16.5% LTV for first property.

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  27. Manolo (13,754 comments) says:

    Looks like manufacturing is tracking well despite under labour lite.

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  28. Bogusnews (473 comments) says:

    Well done National I say. I suspect they were aware that things were starting to really perk up with the quiet confidence they had for the election coming up.

    I just hope people remember (obviously Wussell doesn’t) how much the Clarke govt squandered the best economic conditions in a generation and the basket case NZ had become when National first took over.

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