New Zealand Services Sector Expands In June - BusinessNZ
(RTTNews) - The services sector in New Zealand climbed back up into expansion territory in June, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 50.6.
That's up from the upwardly revised 48.0 in May (originally 47.5) and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, supplier deliveries (51.2) and new orders (53.0) expanded, while activity/sales (49.3), employment (48.8) and stocks/inventories (49.9) contracted.
"The direction of travel is positive and the uplift, when combined with the surge in the Performance of Manufacturing Index, is enough to suggest economic growth should soon climb to around 2.0 percent. This is hardly a spectacular number but further confirmation that the trend in growth prior to the oil shock is resuming," said BNZ Head of Research Stephen Toplis.
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