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New Zealand service activity edges down to 55.8 in January: BNZ

[WELLINGTON] Growth in New Zealand's services sector eased in January and new orders fell to their lowest in 10 months, a survey showed on Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) edged down to 55.8 from 56 in the previous month. A reading above 50 indicates expansion in activity.

The sub-index measuring new orders and business fell to 57.6, the first time it had slipped below 60 since April 2017.

"While the PSI is relatively robust, combined with the Performance of Manufacturing Index it nonetheless signals something of a slowing in GDP growth for the near term," said BNZ senior economist Craig Ebert.

Last week, the companion manufacturing survey showed a partial recovery from December's dismal result, but a stark fall in the number of positive comments from firms.


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