The services sector in New Zealand continued to contract in August, and at a faster pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 47.5.
That’s down from 48.9 in July and it moves further beneath the boom-or0bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, sales (46.2), employment (48.3), new orders (47.8), inventories (47.2) and supplier deliveries (47.8) all were under water.
“Across the economy, we still believe the general signs of a turning point are there. However, there is a very real risk any ensuing bounce takes longer than currently expected,” BNZ Senior Economist Doug Steel said.
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