News | Business
22 Aug 2017 15:20
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Olympic Games
  • Ski Report
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    NZ services sector activity bounces back

    New Zealand's services sector, which accounts for about two-thirds of the economy, bounced back in May after a number of external factors corrected themselves.


    New Zealand's services sector, which accounts for about two-thirds of the economy, bounced back in May after a number of external factors corrected themselves.

    The BusinessNZ-Bank of New Zealand performance of services index rose 5.6 points to 58.8 in May.

    A reading of 50 separates expansion from contraction, and New Zealand's services sector has been in expansion since July 2010.

    "It turned out that New Zealand's performance of services index (PSI) had a bungee cord tied firmly around its ankles. And so, having dropped precipitously to 53.2 in April, it bounced all the way back up to 58.8 in May," said Bank of New Zealand senior economist Craig Ebert.

    In April, a combination of school holidays and unseasonably wet weather were seen as weighing on activity.

    Four of the five sub-indices were higher in May with activity/sales at 63.1 versus 52.4, new orders/business at 63.2 versus 55.5 in April, stocks/inventories at 54.9 versus 46.4 and supplier deliveries at 55.4 versus 48.2. Only employment was lower at 54.4 versus 55.7.

    Across the regions, Northern services activity rose 7.1 points to 59, while Central rose 3.5 points to 59, Canterbury/Westland rose 4.3 points to 57.8 while Otago/Southland rose 5.5 points to 54.9.

    The PSI follows its sister survey, the performance of manufacturing index, which showed manufacturing activity expanded in May, reaching the highest value since January 2016 and boding well for second-quarter economic growth.

    The Bank of New Zealand-BusinessNZ performance of manufacturing index was a seasonally adjusted 58.5 in May, 1.6 points higher than in April.

    The composite index, which marries the two surveys, rose 4.7 points to 58.5 on a GDP-weighted basis and gained 4.5 points to 59.3 on a free-weighted basis.


    NZN




    © 2017 NZN, NZCity


     Other Business News
     22 Aug: Greencross makes inroads into pet market
     22 Aug: Comvita gains as earnings beat guidance
     22 Aug: Ingham's posts 2.5pc gain in FY earnings
     22 Aug: Mercury Energy returns record profit
     22 Aug: No rush to 5G mobile in NZ
     22 Aug: Quitline offers value for money: study
     22 Aug: Club comments disappointing: Maloney
     Top Stories

    RUGBY RUGBY
    Black Ferns boost bench for US semi-final More...


    BUSINESS BUSINESS
    Greencross makes inroads into pet market More...



     Today's News

    Entertainment:
    Jay-Z says Kanye West was "crossing a line" when he spoke badly of his wife Beyonce at his Sacramento gig last year 15:16

    Rugby League:
    Dragons must beat flu first, then Panthers 14:57

    Entertainment:
    Emma Bunton says a Spice Girls reunion tour is "unlikely to happen" 14:46

    Entertainment:
    Jamie Oliver likes being an embarrassing dad 14:16

    Business:
    Greencross makes inroads into pet market 14:07

    Basketball:
    NBL schedule tweak challenges Breakers 13:47

    Entertainment:
    Elisabeth Moss is "boring" 13:46

    Law and Order:
    Great Barrier policing cleared 13:27

    Entertainment:
    Robin Thicke and Paula Patton have reached a custody agreement 13:16

    Politics:
    Donald Trump looked directly at the eclipse, ignoring his own government's safety advice 13:07


     News Search






    Power Search


    © 2017 New Zealand City Ltd