The services sector in New Zealand continued to contract in November, and at a faster rate, the latest survey from Business New Zealand revealed on Monday with a Performances of Services Index score of 46.9.
That’s down from 48.4 in October, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, sales (45.8), employment (46.4), new orders (49.3), stocks (46.5) and supplier deliveries (47.5) all were in contraction last month.
“Combined with the Performance of Manufacturing Index, the composite activity indicator poses downside risk to even modest growth expectations for early next year,” BNZ Senior Economist Doug Steel said.
For comments and feedback contact: editorial@rttnews.com
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
