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

 


Indian Summer

Indian Summer

Activity in the services sector was back on track in March after a dip in expansionary levels during the previous month, according to the BNZ - BusinessNZ Performance of Services Index (PSI).

The PSI for March was 58.3. This was up 5.5 points from February, and the highest level of activity since November 2007 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining). For the first quarter of 2014, the PSI averaged 56.4.

BusinessNZ chief executive Phil O’Reilly said that the dip in expansionary levels experienced in February was short-lived, as growth in the sector was across the board.

“Both new orders/business and activity/sales have returned to strong levels, which are key determinants for the overall result. While a number of positive comments from respondents focused on seasonal factors, there is nothing to suggest that growth will significantly ease with the changing season in the months ahead.”

BNZ Economist Doug Steel said the strong March PSI result supports thoughts from a month ago that the softer looking February reading was just monthly noise in an otherwise strong positive growth pulse across the service sector.

All five main sub-indices were in expansion during March. New orders/business (62.1) rose back above the 60-point value, which has now been the case for six of the last seven months. Activity/sales (60.7) also recorded a post-60 value, although not to the same level as January. Employment (54.3) increased 0.8 points from February, while supplier deliveries (55.5) rose 5.3 points. Stocks/inventories (55.3) rose 6.5 points after two consecutive months in decline.

Activity was positive and consistent across all of the country in March. In the North Island, the Northern region (59.4) rose 1.7 points after three consecutive months at the 57-point mark. The Central region (59.2) dipped 0.5 points from February, although still at a very healthy level of activity. In the South Island, the Canterbury/Westland region (58.5) recovered from a dip in the previous month, while the Otago/Southland region (59.4) picked up a further 5.4 points.

The seasonally adjusted BNZ - BusinessNZ Performance of Composite Index or PCI (which combines the PMI and PSI) for March saw both options for measuring the PCI recover from a dip in expansionary levels seen in February. The fact that both the services and manufacturing sectors saw increased growth in March, particularly the former, meant the GDP-Weighted index was just ahead of the Free-Weighted Index.


Link to the March PSI & PCI
Link to PSI time series data
Link to PCI time series data

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news