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New Zealand's services index rises in February

[WELLINGTON] New Zealand's services sector expanded in February, boosted by a rebound in the employment index.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) rose 1.5 points from the previous month to 56.9. A reading above 50 indicates expansion.

All of the PSI's five sub-indices rose in February.

Last week, a companion manufacturing survey (PMI) showed a decline in February to 56.0 from 58.0 in January.

The recovery in the PSI's employment index helps "offset the softness in February's Performance of Manufacturing Index on staffing, which had moved into contraction territory," said BNZ Senior Economist Craig Ebert.


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