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New Zealand service activity slows in October: BNZ

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Growth in New Zealand's services sector eased in October due to uncertainty around the country's election results, a survey showed on Monday.

[WELLINGTON] Growth in New Zealand's services sector eased in October due to uncertainty around the country's election results, a survey showed on Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) dropped 0.3 points to 55.6 from the previous month.

A reading above 50 indicates expansion in activity.

"These are robust results given the prevailing uncertainty surrounding the election, coalition negotiations, and government formation over the period," BNZ senior economist Doug Steel said in a research note accompanying the release.

An inconclusive September election resulted in coalition negotiations throughout October which eventually led to the announcement of a new leftwing government.

Last week, a companion survey showed manufacturing activity slowed in October due to a slowdown in food production and manufacturing hiring.

REUTERS

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