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

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