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New Zealand Services Index Tumbles To 47.8 In July - BusinessNZ
(RTTNews) - The services sector continued to contract in July, and at a faster pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 47.8.
That's down from the downwardly revised score of 49.6 in June (originally 50.1) and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, sales weighed heavily with a reading of 39.6, while employment (49.0) and new orders (43.8) also contracted. Supplier deliveries (52,1) and stocks (54.0) expanded.
"The results all point to a sharp drop in demand in July, significantly accelerating the slowing trend that had been evident for many months," BNZ Senior Economist Doug Steel said.
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