New Zealand Services Index Improves To 48.9 - BusinessNZ
(RTTNews) - The services sector in New Zealand continued to contract in April, albeit at a slower pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 48.9.
That's up from the upwardly revised 46.2 (originally 46.0), although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, supplier deliveries (46.6), activity/sales (48.9), employment (48.5) and stocks/inventories (47.6) all contracted, while new orders/business (51.2) expanded.
"At first glance, the jump in the headline index from 46.2 in March to 48.9 in April might be read as hope the New Zealand economy is proving to be remarkably resilient to the war in the Middle East. On the other hand, it could be interpreted as further evidence that the economy is struggling to get its head above water," said BNZ Head of Research, Stephen Toplis.
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