New Zealand service activity index dips to 55.0 in February: BNZ
[WELLINGTON] Growth in New Zealand's services slowed slightly in February due to "below par"employment, a survey showed on Monday.
The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) slipped to 55.0 from 55.7 in the previous month. It was still above its long-term average of 54.4, the survey showed.
A reading above 50 indicates expansion in activity; anything below indicates contraction.
Last week, a companion manufacturing survey (PMI) showed manufacturing slowing in February, with the index dropping to 53.4 from 54.4 in January.
"The recent PSI readings, along with those of the Performance of Manufacturing Index, certainly counsel against getting carried away," the survey said.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Hong Kong March retail sales down 7%, snapping 15 months of growth
UK public sector productivity goes from bad to worse, ONS data shows
Indonesia central bank says SRBI auction will be held twice a week to attract more inflow
World food prices up in April for second month, says UN agency
Heatwave swells Asia's appetite for air-conditioning
Labour wins UK by-election as Tory PM Sunak stares at more losses