Latest news with #DougSteel
RNZ News
19-05-2025
- Business
- RNZ News
Service sector index drops signalling soft economic recovery
The economically important services sector is struggling to get traction. Photo: The economically important services sector is struggling to get traction and weighing on the pace of recovery. The BNZ-Business New Zealand Performance of Services Index (PSI) fell 0.4 points to 48.5 in April from the month before. A reading below 50 means activity is slowing in a sector which accounts for about two-thirds of the economy and includes tourism, retail and hospitality. "The survey says the services sector is still going backwards. 48.5 is below 50.0 which is contraction, and indeed its three months in a row the service sector has been going backwards," BNZ senior economist Doug Steel said. The sub-indices were mostly negative compared to March. Sales were unchanged, but employment fell and deliveries slumped to their lowest level since September 2024. Only new orders bucked the trend, rising to the highest level in over a year. The level of negative comments in the survey rose once again, citing a combination of geopolitical and economic uncertainty, the cost of living, weak consumer and business confidence, and seasonal slowdowns. "For all the commentary around the economic recovery, the PSI is a good reminder that current conditions are extremely challenging. New Zealand's PSI remains weaker than all our key trading partners," Steel said. He said combined with last week's manufacturing survey , a picture emerges of an economy struggling to gather forward momentum, threatening growth forecasts . "It suggests that the central bank will continue easing. We think they'll cut by 25 basis points next week." Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Time of India
16-05-2025
- Business
- Time of India
New Zealand manufacturing rises in April, employment levels highest in 4 years, ET Manufacturing
Advt Manufacturing activity in New Zealand rose in April helped by an uptick in new orders, while employment touched its highest level of expansion since July 2021, a survey showed on Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) edged higher to 53.9 in April from 53.2 in March. New orders rose to 51.4 from a revised 49.8 in the prior month.A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction."Activity is not surging, but a manufacturing recovery seems to be underway ... That said, there remain questions around how sustainable it is given uncertainty stemming from offshore," BNZ Senior Economist Doug Steel said in a statement.
New Straits Times
16-05-2025
- Business
- New Straits Times
New Zealand manufacturing rises in April, employment levels highest in 4 years
SYDNEY: Manufacturing activity in New Zealand rose in April helped by an uptick in new orders, while employment touched its highest level of expansion since July 2021, a survey showed on Friday. The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) edged higher to 53.9 in April from 53.2 in March. New orders rose to 51.4 from a revised 49.8 in the prior month. A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction. "Activity is not surging, but a manufacturing recovery seems to be underway ... That said, there remain questions around how sustainable it is given uncertainty stemming from offshore," BNZ Senior Economist Doug Steel said in a statement.
RNZ News
16-05-2025
- Business
- RNZ News
Manufacturing sector recovery continues at steady pace but caution lingers
Photo: 123RF The recovery in the manufacturing sector continues at a steady pace, but caution lingers. The BNZ-Business New Zealand Performance Of Manufacturing Index (PMI) rose 0.70 points in April to 53.9 - the fourth consecutive month of expansion, and the highest since August 2022. A reading above 50 indicates expansion. Rises in the employment, new orders and deliveries components pushed the PMI higher, overcoming falls in production and finished stocks. However, BNZ senior economist Doug Steel remains cautious, noting that although employment and deliveries of raw materials had risen, suggesting demand ahead, gains in new orders remained below average. "There's still some question marks around ahead, especially when you look globally and what's happening offshore, That uncertainty hasn't really dented the index here yet." Steel said. On a positive note, he said that four months of expansion above 50.0 this year suggests that the recovery is underway, albeit slowly. "It's not particularly strong, but its at least going forward compared to the last couple of years where it was heavily below 50.0. So recovery from a low base." But Steel remained cautious, saying offshore developments were still key to the recovery's durability. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Reuters
13-03-2025
- Business
- Reuters
New Zealand manufacturing continues to expand in February, survey says
SYDNEY, March 14 (Reuters) - Manufacturing activity in New Zealand expanded in February, hitting the highest levels since August 2022, helped by strong results at the key index for production and new orders, a survey showed on Friday. The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) rose to 53.9 in February from a revised 51.7 in January. New orders edged higher to 51.5 from 51.3 in the prior month. A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction. "It is one of several indicators that suggests the broader economy is turning for the better. Indeed, it indicates the pickup may be a bit faster than we are currently forecasting," BNZ Senior Economist Doug Steel said in a statement.
