New Zealand’s service industry expanded for an eighth month in September, with the pace slipping from August, with growth led by new orders.
The BNZ-Business New Zealand performance of service index (PSI) fell 0.6 points from August to 53.2 on a scale where 50 marks the divide between expansion and contraction.
The Canterbury/Westland region posted the strongest growth, rising 0.7 points to 57.2, while Otago/Southland remained in contraction at a record-low 34.4.
The service sector’s performance was in line with manufacturing, matching a similar result in the performance of manufacturing index (PMI), released last week, which showed a sector in expansion though with the pace moderating.
In the latest month, four of the five PSDI sub-indexes expanded in September, with new orders slipping to 56.2 from 58.5 in August. Activity/sales fell to 51.2 from 56.4 while employment recovered to 53.5 from 49.4.
Stocks/inventories remained in contraction at 49.8 from 49.4 and supplier deliveries slipped to 52.1 from 53.1.
(BusinessDesk)
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