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New Zealand services activity slips in July
[WELLINGTON] Growth in New Zealand's services sector slowed in July driven by softer new orders and inventories, a survey showed on Monday.
The Bank of New Zealand-Business NZ seasonally adjusted performance of services index (PSI) eased to 56.5 from a downwardly revised 58.1 in June.
A reading above 50 indicates expansion in activity.
Four of the PSI's five sub-indices fell, while a slight rise was seen in the activity and sales sub-index.
Last week, a companion manufacturing survey (PMI) showed activity eased in July on weaker employment and new orders.