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NZ services sector grows at slower pace in June

Monday 16th July 2012

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New Zealand's services sector expanded at a slower pace in June, while remaining in growth for the 23rd month in a row, led by strong new orders/business.

The seasonally adjusted BNZ-BusinessNZ Performance of Services fell 2.3 points to 54.3 in June from May and all five sub-indexes in the survey recorded expansion.

The PSI follow's last week's performance of manufacturing survey, which also showed a slowing pace of expansion. The GDP-weighted composite index, which combines services and manufacturing, declined 2.9 points to 53.6, the lowest level since January.

"New Zealand's services sector will keep expanding at a good clip for the foreseeable future," said Bank of New Zealand economist Craig Ebert. The services survey details, though "remain frustratingly volatile."

New orders/business fell 4.1 points to 58.7, the first reading below 60 in three months, having led the survey for 21 months in a row. Activity/sales fell 3.6 points to 54.7 while employment rose 2.4 points to 52.8.

Stocks and inventories declined 0.6 point to 51.4 and supplier deliveries fell 4.1 points to 51.1.

The combined PSI/PMI measure shows those sectors of the New Zealand economy are faring better than the JPMorgan Global Combined Index, which fell to 50.3 in June, the slowest in about three years.

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