New Zealand Service Sector Activity Grows For First Time Since March 2008

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The New Zealand service sector expanded for first time since March 2008, the latest survey from the Business New Zealand and BNZ Capital showed Monday.

The BNZ Capital - Business NZ Performance of Service Index or PSI stood at 50.1 in July, up from 45 in June.

A reading above 50 indicates expansion in activity, while a reading below 50 signals a contraction.

Three of the five diffusion indices increased in July, yet signaled contraction. Meanwhile, the activity/sales index stood at 51.7, up from 43.9 in June. The new orders/business improved 56.5, highest value since March 2008.

The employment index increased further to 47.9 from 43.6 in the preceding month, while stocks/ inventories gauge rose to 42.1.

Meanwhile, activity was positive in two of the four main regions in July.

The New Zealand service sector expanded for first time since March 2008, the latest survey from the Business New Zealand and BNZ Capital showed Monday. (Market News Provided by RTTNews)