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16 Jun 2021
Expansion in New Zealand s manufacturing sector picked up in June, according to the latest BNZ - BusinessNZ Performance of Manufacturing Index (PMI).
The seasonally adjusted PMI for June was 60.7 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was 2.1 points higher than May, and the second time it had crossed the 60-point mark in four months.
The number of employers looking for staff continues to rise with the number of job ads up 24 percent on pre-Covid highs.
There was demand for staff across the country and in nearly all sectors of the economy, with demand strongest in West Coast, Waikato and Otago.
Photo: Gaj Rudolf/123 RF
The BNZ/Seek employment report shows ads for full-time and part-time jobs hit another record in June rising more than 1 percent the month before.
The number of ads was up more than 37 percent on the year earlier when the country emerged from the first round of lockdowns. But if you look at the longer term trends I think the key point is that job advertising is 24 percent above pre-Covid highs. So, it is very strong, that tells us that the labour market is humming along quite nicely, BNZ senior economist Doug Steel said.
ANALYSIS: An Australian news trailer suggested Kiwis are "making a quick buck" thanks to that country's souring relations with China. That's not right.
Dairy prices are likely to remain high, boding well for farmers and the economy.
Dairy prices are likely to remain stronger for longer as farmers are constrained in ramping up supply to meet robust demand, analysts say. BNZ on Friday raised its expectation for Fonterra’s forecast milk price for next season, to $7.80 per kilogram of milk solids, from $7 per kgMS. That’s higher than BNZ’s forecast for this season of $7.70 per kgMS. Fonterra is due to make its first milk price forecast for next season by the end of this month. Expectations from the four major banks range from $7.30 per kgMS to $8 per kgMS.