New Zealand Services Index Expands In January - BusinessNZ

(RTTNews) - The services sector in New Zealand climbed up into expansion territory in January, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 50.4.

That's up from the upwardly revised 49.1 in December (originally 47.9) and it moves above the boom-or-bust line of 50 that separates expansion from contraction for the first time in 10 months.

Among the individual components. Sales (54.0) and inventories (50.1) expanded, new orders (50.0) were right in the line and employment (47.1) and supplier deliveries (47.8) remained in contraction.

"The PSI is consistent with stabilization rather than elevation, but its latest move upwards is encouraging," BNZ's Senior Economist Doug Steel said.