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

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news