New Zealand Services Index Improves In October - BusinessNZ

(RTTNews) - The services sectors in New Zealand continued to contract in October, albeit at a slower pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 48.7.

That's up from 48.3, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

All of the individual components were still under water, with activity/sales at 48.9, supplier deliveries at 49.5, employment at 48.8, new orders at 49.5 and stocks/inventories at 47.6.

"If one was trying to find any positive traces in a still broadly weak sector, the activity/sales index rose to its best outcome since January this year and its second-best month since February last year," BNZ Senior Economist Doug Steel said. "But 48.9 is not strong."