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.

REUTERS