News | Business
18 Dec 2017 19:57
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Days of Xmas
  • Sport
  • Weather
  • 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
     18 Dec: NZ shares down, Air NZ and Contact drop
     18 Dec: OIO considers $105m sale of Harvard farms
     18 Dec: Two men sacked for buying helicopters
     18 Dec: South Port to fight council over land
     18 Dec: Kiwi's month-high on pound
     18 Dec: My three weddings: Life as a gay man in China
     18 Dec: Retirement village for prime Auckland land
     Top Stories

    RUGBY RUGBY
    Australia bidding for 2027 Rugby World Cup More...


    BUSINESS BUSINESS
    NZ shares down, Air NZ and Contact drop More...



     Today's News

    Entertainment:
    Ben Affleck has reportedly begun working on his alcohol addiction once again 19:52

    Rugby League:
    Crichton to depart Souths for Roosters 19:47

    Entertainment:
    Danielle Lloyd has confirmed she is to undergo gender selection to ensure her next child is a girl 19:22

    Accident and Emergency:
    Marlborough tractor crash victim named 19:07

    Politics:
    Zero Carbon Act by October: Shaw 18:57

    Entertainment:
    Carrie Fisher’s dog has been to see ‘Star Wars: The Last Jedi’, and “perked up” every time the late actress was on screen 18:52

    Entertainment:
    Sir Peter Jackson has claimed Harvey Weinstein banned him from casting Ashley Judd and Mira Sorvino in ‘The Lord of the Rings’ trilogy 18:22

    Business:
    NZ shares down, Air NZ and Contact drop 18:07

    Entertainment:
    Matt Damon has insisted people in Hollywood weren’t aware of Harvey Weinstein’s alleged behavior 17:52

    Politics:
    Soldier wins cobra strike pension fight 17:27


     News Search






    Power Search


    © 2017 New Zealand City Ltd