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

 


NZ services sector grows at fastest pace in four months

NZ services sector grows at fastest pace in four months in February

March 18 (BusinessDesk) – New Zealand’s services sector grew at the fastest pace in four months in January, adding to signs that business activity has strengthened in recent months.

The BNZ-BusinessNZ Performance of Services Index rose 2.7 points to 55.5 in February, the highest reading since October last year and the high recorded for the month of February since the survey began in 2007.

The PSI follows its sister survey on manufacturing, released last Friday, which showed a third month of expansion to the highest level in a year. The Reserve Bank kept the official cash rate at a record low 2.5 percent last week and said it is unlikely to hike rates this year to give the economy time to recover.

All five sub-indexes in the PSI were in expansion last month. New orders/business was on 59.6, activity/sales on 55.4 and employment rose 2.4 points to 52.5, the highest since April last year. A reading of 50 separates contraction from expansion.

Stocks/inventories were on 53.3 and supplier deliveries were on 55.8.

The PMI and PSI surveys “gives us some heart that the economy overall is progressing well this year so far, after what we think was a reasonable expansion in the final quarter of last year,” said Bank of New Zealand economist Craig Ebert.

Today’s report showed the Northern region was on 56.5, Central was on 54.5, Canterbury/Westland on 59.1 and Otago/Southland on 61.9.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news