New Zealand Services Sector Accelerates In May - BusinessNZ
(RTTNews) - The services sector in New Zealand picked up steam in May, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 53.3.
That's up from the upwardly revised 50.1 reading in April (originally 49.8) and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, all five sectors expanded, including sales (52.0), employment (52.6), new orders (55.4), stocks (56.8) and supplier deliveries (51.1).
"The bounce back in the PSI in May arguably helped calm a lot of nerves - after it sagged to 50.1 in April, and after the services component of Q1 GDP declined 0.6 percent. Still, this doesn't deny the economy is on a broadly slowing trajectory, which is what's required to take the inflationary heat out of it," NZ Senior Economist Craig Ebert said.
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