New Zealand services activity rise in January: survey

[WELLINGTON] Growth in New Zealand's services sector picked up in January driven by a rise in new orders, while sales also rose, a survey showed on Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) rose to 57.8, the highest since July last year, from an upwardly revised 56.7 in December.

A reading above 50 indicates expansion in activity. The index involves retail trade, property and business services.

All of the PSI's five sub-indices were in expansion, but there was a slowing in the deliveries and stocks.

Last week, a companion manufacturing survey (PMI) showed activity slipping to its lowest level in two years in December.

REUTERS