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New Zealand's services sector rose in August: Survey

[WELLINGTON] Growth in New Zealand's services sector rose in August on strong sales activity and new orders, a survey showed on Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) rose to 57.9 in August from 54.5 in July, and the highest since December 2015.

A reading above 50 indicates expansion in activity.

All five of the PSI's five sub-indices are above 50, with sales activity and new orders both above 60.

Last week, a companion manufacturing survey (PMI) showed an ongoing expansion in manufacturing, although the pace was slightly slower in August. "The widespread positivity in August's PSI combined with the overall good-looking Performance of Manufacturing Index from last week indicates above trend economic growth has continued,"said BNZ Senior Economist Doug Steel.