Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Services sector sluggish at year end

Services sector sluggish at year end

Jan 28 (BusinessDesk) - The services sector is treading water, with the latest BNZ-Business New Zealand Performance of Services Index falling 2.7 points to 51.5 in December from its November levels, which in turn were 3.6 points down on October's outcome.

The result mirrors ambiguous readings from the Performance of Manufacturing Index last week, which like the PSI remained in positive territory, but gave mixed signals about business conditions.

Over 2012, the PSI averaged 53.8, with all but one month (August) in expansion. Compared to previous December results, the 2012 value was almost identical with 2011.

“When comparing the PSI with its sister survey the PMI, the service sector has held up despite another difficult trading year," said Business NZ chief executive Phil O'Reilly. "However, 2012 has ended with more of a whimper than a bang."

BNZ senior economist Craig Ebert said the most positive element of the December result was ongoing evidence of hiring intentions.

“The PSI staffing index is decently above the line," he said.. "When combined with other pointers to jobs across the economy, we have good reason to believe employment growth is in the throes of picking up, perhaps to as much as 2% for 2013 as a whole. This would amount to an addition of about 45,000 jobs.”

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news