The services sector in New Zealand continued to contract in July, albeit at a slower rate, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 48.9.
That’s up from 47.3 in June, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components, stocks/inventories (51.4) expanded, while new orders (50.0) were right on the line and supplier deliveries (48.8), activity/sales (47.5) and employment (47.1) remained in contraction.
“Combined with recent improvement in the Performance of Manufacturing Index, electronic card transactions and ANZ’s Truckometer, there are accumulating early signs of life in the economy,” BNZ Senior Economist Doug Steel said.
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