New Zealand Services Sector Falls To 50.6 In August - BusinessNZ
(RTTNews) - The services sector in New Zealand continued to expand in August, albeit at a slower rate, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 50.6.
That's down from the upwardly revised 80.9 in July (originally 50.6), although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, sales (50.5), new orders (52.6) and stocks (51.6) expanded, while supplier deliveries (48.5) and employment (48.5) contracted.
"It's encouraging to see the PSI hold above 50.0 for a second month running, even if the pace has eased slightly from June. Employment remains the sector's soft spot, sitting at 48.5 alongside Supplier Deliveries, which tells us firms are still cautious about committing to new hires. Until consumer confidence firms up further, this recovery will likely stay modest rather than becoming the stronger bounce we've seen in manufacturing," BusinessNZ CEO Katherine Rich said.
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