New Zealand Service Sector Picks Up Steam - BusinessNZ
(RTTNews) - The services sector in New Zealand continued to expand in October, and at a faster rate, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 51.7.
That's up from 50.9 in September and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components, new orders (53.0), stocks (50.1), supplier deliveries (52.1) and sales (52.6) all expanded, while employment dipped into contraction at 49.9.
"Signs of firmer services activity are particularly welcome given the sector's importance to New Zealand's economy and, therefore, the broader outlook for GDP. If sustained, this move would provide further evidence that the economic recovery is broadening and becoming more established," BNZ Senior Economist Doug Steel said.
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