New Zealand services activity eases in February

[WELLINGTON] Growth in New Zealand's services sector slowed in February due to moderating activity in supplier deliveries as well as in new orders and businesses, although overall activity remained in expansion territory, a survey showed on Monday.

The Bank of New Zealand-Business NZ's seasonally adjusted performance of services index (PSI) slipped to 55.6 from a six-month high of 57.8 hit in January.

A reading above 50 indicates expansion in activity.

All of the PSI's five sub-indices were in expansion, but growth also slowed in employment and stocks and inventories, leaving activity and sales the only sector to post a rise.

Last week, a companion manufacturing survey (PMI) showed a pick-up in activity last month.

REUTERS