New Zealand Services Index Slumps In May - BusinessNZ

(RTTNews) - The services sector in New Zealand continue to contract in May, and at a faster rate, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 43.0.

That's down from 46.6 and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, sales (40.9), employment (46.0), new orders (42.6), stocks (42.4) and supplier deliveries (46.1) all were solidly in contraction territory.

"The speed of decline is as worrisome as its size over the past three months. There is weak and then there is very weak. Overall, this tells of a services sector in reverse, at pace," BNZ's Senior Economist Doug Steel said.