New Zealand Service Sector Activity Continues To Show Expansion

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The New Zealand service sector expanded to its highest level since February 2008 in August, the latest survey from Business NZ and BNZ Capital showed Monday.

The BNZ Capital - Business NZ Performance of Service Index or PSI stood at 51.3 in August, up from 50.1 in July.

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

Two of the five diffusion indices that make up the PSI were in the expansion zone. While activity/sales index stood at 50.5, down 1.2 points from the previous month, the new orders/business index was up 1.1 points to 57.6, marking its highest level since February 2008. At the same time, the rest of the diffusion indices increased in August, yet signaled contraction.

The employment index increased further to 49.3 from 47.9, while the stocks/inventories index rose to 48 from 42.1.

Meanwhile, service sector activity was positive in all four of the country's main regions in August.

The New Zealand service sector expanded to its highest level since February 2008 in August, the latest survey from Business NZ and BNZ Capital showed Monday. (Market News Provided by RTTNews)