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New Zealand Services Sector Slows In November - BusinessNZ
(RTTNews) - The services sector in New Zealand continued to expand in November, albeit at a lower pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 53.7.
That's down from 57.4 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Among the main indices, sales (58.1), employment (51.8), new orders (57.3) and stocks (55.0) all continued to expand, while supplier deliveries (47.3) contracted.
"November's PSI proved, for the third month running, to be an important counterpoint to the weakening PMI. It looks as though the services industries - just like they did in Q3 - will more than make up for any weakness in manufacturing in Q4, such that GDP for that quarter manages an expansion," said BNZ Senior Economist Craig Ebert.
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