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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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