New Zealand's Services Sector Holds On to July Expansion, BusinessNZ Says
MT Newswires Live
Aug 17
New Zealand's services sector held on to its expansion in July after the return to growth in June, according to the BNZ BusinessNZ Performance of Services Index (PSI) released on Monday.
The PSI for July was 50.6 in seasonally adjusted terms, slightly down from 50.9 in June, but above 48.1 in May.
New orders/business was the strongest sub-index at 52.6, compared with last year's 50.1.
Employment remains the sector's soft spot, sitting at 48.5 alongside supplier deliveries, showing firms remain cautious about committing to new hires, BusinessNZ CEO Katherine Rich said.
Employment was at 47.5 last year, while supplier deliveries stood at 49.1.
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