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New Zealand service sector growth slows slightly in September

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Growth in New Zealand's services sector softened in September, a survey showed Monday.

[WELLINGTON] Growth in New Zealand's services sector softened in September, a survey showed Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) fell 3.8 points to 54.1 versus 57.9 in August.

A reading above 50 indicates expansion in activity.

BNZ Senior Economist Doug Steel said poor weather may have been a factor. "A number of those who provided negative comments tended to focus on current weather conditions, as well as school holidays affecting operations. This culminated in the proportion of negative comments rising from 34.8 per cent in August to 39.3 per cent in September," he said.

Last week, a companion manufacturing survey (PMI) showed manufacturing activity in New Zealand rose in September to its highest levels since January.

REUTERS