New Zealand performance of service index 58.8 in February: BNZ

[WELLINGTON] Growth in New Zealand's services sector eased slightly in February mainly due to a slowdown in new business, a survey showed on Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) fell to 58.8 from 59.5 in the previous month.

A reading above 50 indicates expansion in activity.

Despite the fall, the figure is the second-highest level of expansion since November 2015.

Last week, a companion manufacturing survey (PMI) showed a rise in activity for that sector.

REUTERS