New Zealand Performance Of Services Index Slumps In June - BusinessNZ

(RTTNews) - The services sector in New Zealand continued to contract in June, and at a faster pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 40.2.

That's down from the downwardly revised 42.6 in May (originally 43.0) and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, sales (35.6), employment (45.6), new orders (38.3). inventories (43.5) and supplier deliveries (41.6) all were deep in contraction territory.

"The Performance of Services Index has been well below average for more than a year," BNZ Senior Economist Doug Steel said. "Moreover, the weakness appears to be accelerating."