This NZ data point has been performing well ... cracker of a result today
63.6 is up 9.4 points from February, and the highest monthly result since the survey began in 2002.
Commentary from the report:
BusinessNZ's executive director for manufacturing Catherine Beard
- "The two major sub-index values of Production (66.8) and New Orders (72.5) were the main drivers of the March result, with the latter experiencing its first post 70-point value. This does indicate a swift shift in demand over a relatively short time, which may indicate a move towards previously shelved projects and business ventures that have now been given the green light".
- "Given the strong March result, the proportion of those outlining positive comments increased significantly from 46% in February to almost 58% in March. Unsurprisingly, comments were centred towards increased demand, both domestically and offshore".
BNZ Senior Economist, Doug Steel
- "more demand is one thing, but meeting it is another. Firms have faced many supply-side challenges. In this regard, it is interesting to see PMI deliveries of raw materials lifted strongly, to 62.8, this month. That coincides with other data showing imports leapt more than 17% above year earlier levels in March following prior weakness".
