New Zealand’s services sector held its own in June as activity remained at a healthy level of expansion, according to the BNZ – BusinessNZ Performance of Services Index (PSI).
The PSI for June was 58.2. This was 0.1 point higher than May, and the highest overall value since July 2014 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining).
BusinessNZ chief executive Phil O’Reilly said that the consistent level of expansion over the first six months of 2015 has been helped by both activity/sales and new orders remaining within a fairly tight band of expansion.
“Although the proportion of positive comments from businesses during June (61.6%) was down from May (70%), the sector continues to display broad positive growth “.
BNZ senior economist Craig Ebert said that, “Whether parsed by region, industry type, or firm size, every bit of the PSI was in expansion mode, which is rare. Combined with the improved PMI reading for June (55.2) the latest PSI paints a picture of an economy expanding robustly, probably a little better than average.”
Email:
