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

 


Top service

Top service

Activity in the services sector continued its upwards momentum during April, according to the BNZ - BusinessNZ Performance of Services Index (PSI).

The PSI for April was 58.9. This was up 0.4 points from March, 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). The PSI has now been above 58.0 points for three of the last four months.

BusinessNZ chief executive Phil O’Reilly said that the further upwards lift in expansion for the sector was another sign of the ongoing economic growth the country is currently experiencing.

“In recent months, the key sub-indicators of activity/sales and new orders/business have provided a strong platform for the overall result. However, both the March and April results have shown a more consistent spread of expansion, as stocks and supplier deliveries have also increased.”

BNZ senior economist Craig Ebert said this month’s PSI shows a consistent growth pulse by both region and industry.

“Overall it suggests New Zealand’s service sector is maintaining expansion at least as forceful as it was late last year. It also makes up for the slight under-performance of the PMI, although that was probably compromised by the timing of holidays.”

All five main sub-indices were again in expansion during April. New orders/business (65.7) continued its upwards momentum, while activity/sales (62.2) also recorded a consecutive post-60 value. Employment (53.4) slipped 0.9 points from March, while supplier deliveries (55.8) and stocks/inventories (55.6) recorded similar levels of expansion.

Activity was positive and consistent across all of the country in April. In the North Island, the Northern region (58.1) dipped slightly in expansion levels compared with the previous month, while the Central region (60.0) broke through the 60 point mark for the first time in 2014. In the South Island, the Canterbury/Westland region (60.3) increased 1.8 points from March, while the Otago/Southland region (56.3) decreased 3.1 points from the previous month, although remained in solid expansion.

The seasonally adjusted BNZ - BusinessNZ Performance of Composite Index or PCI (which combines the PMI and PSI) for April saw the two options for measuring the PCI show slightly different results from the previous month, although both remain at very healthy levels of activity. The GDP-Weighted Index (58.5) produced the same result as the previous month, while the Free-Weighted Index (57.3) dipped 0.9 points. The fact that manufacturing sector saw a decrease in the level of expansion during April meant the Free-Weighted Index experienced a stronger change than the GDP-Weighted Index.


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

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news