The service sector in New Zealand continued to expand in October, and at a faster rate, the latest survey from BusinessNZ revealed on Tuesday with a Performance of Service Index score of 51.4.
That’s up from 50.4 in September and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, new orders and stocks expanded last month, while sales, employment and supplier deliveries remained in contraction.
“October’s PSI was still shy of its historical average of 54.0. This was perhaps more disappointing than was the case for the PMI as the service sectors should arguably have been exhibiting a stronger rebound,” said BNZ Senior Economist Craig Ebert.
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