Leather manufacturing remains stable
According to the Business NZ Performance of Manufacturing Index (PMI), although New Zealand’s leather and footwear manufacturing activity in October could not match the growth seen in other sectors, the industry remained stable at a PMI level of 49.5.
At 56.9, the country’s overall level of expansion in the manufacturing sector was at its highest since May 2006, with October’s seasonally adjusted PMI registering growth of 1.8 points from September. The petroleum, coal, chemical and associated product sector (72.6) posted the strongest growth (the highest activity recorded since November 2004) as a result of high production, new orders and deliveries, and the food, beverage & tobacco (64.5) and wood & paper product (60.9) sectors also expanded, while the textile, clothing, footwear and leather sector (49.5) was close to no change.
A PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining.
