NZ service sector expands for eighth month, led by new orders

New Zealand’s service industry expanded for an eighth month in September, though slipping from August's pace, 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.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Sky Network Television Limited (NZX: SKY) Transformation accelerates - Sky raises FY22 guidance
PGG Wrightson Limited (NZX: PGW) FY22 Operating EBITDA forecast to better last year
Vulcan Steel Limited (NZX: VSL) Trading Update & Earnings Upgrade
6th December 2021 Morning Report
Synlait Milk Limited (NZX: SML) Partnership to enhance soil health; test regen ag practices
Property for Industry Limited (NZX: PFI) Strong Valuation Outcome, Penrose Acquisition
3rd December 2021 Morning Report
Fonterra Shareholders Fund (NZX: FSF) Fonterra provides Milk Price, earnings and Q1 update
Kiwi Property Group Limited (NZX: KPG) Signs Sale and Purchase Agreement with IKEA
2nd December 2021 Morning Report