New Zealand services activity steady in June after May rebound: survey

[WELLINGTON] Growth in New Zealand's services sector was little changed last month after rebounding in May, a survey showed on Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) dipped to 58.6 in June from 58.8 in May. It was 53.0 in April, according to the latest release.

A reading above 50 indicates expansion in activity. "The big rebound that the PSI traced in May pretty much stuck fast in June, with the latest robustness spread right across the main sub-indices," BNZ Senior Economist Craig Ebert said.

Last week, a companion survey (PMI) showed manufacturing activity in New Zealand falling in June after hitting a 16-month high in the previous month.

REUTERS