More bad news for the manufactured crisis

James Weir at Stuff reports:

kept up its head of steam at the end of 2013, and it may do even better in future and hire more staff, with an industry survey showing continued expansion.

For the first time since 2007, manufacturing expanded every month in the year in 2013, according to latest BNZ-BusinessNZ Performance of Manufacturing Index (PMI).

The index was 56.4 in December, similar to November’s 57.0 and puts the quarter average at 56.5.

A figure above 50 shows the sector is expanding and below 50 that it is contracting.

BNZ economist Doug Steel said the firm PMI and robust details suggest that the strong rise in manufacturing GDP in the latest national accounts “was no fluke”. More manufacturing GDP growth is expected over coming quarters.”

Manufacturing GDP posted a hefty 1.5 per cent increase in the September quarter.

The latest PMI survey fits with estimates that manufacturing GDP posted another quarter of growth of more than 1 per cent in the December quarter, and looks on track for the same in the first quarter of 2014.

One of the positive signs in the latest PMI was the high level of new orders at 61.4. New orders have topped 60 points in five of the last six months. …

 Overall, BusinessNZ’s executive director for manufacturing Catherine Beard said that New Zealand’s manufacturing scene was a standout performer, compared with other countries during 2013.

It was only six months ago that Labour, Greens, NZ First and Mana reported back on their manufactured manufacturing crisis. I think they’re so embarrassed by their Chicken Little routine, that the website is no longer operative.

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