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

 


Holding the line

Media release

14 July 2014

Holding the line

The services sector showed improved expansion levels in June, according to the BNZ - BusinessNZ Performance of Services Index (PSI).

The PSI for June was 54.7. This was up 0.6 points from May, with the PSI has averaged 56.1 points so far for 2014 (A PSI reading above 50.0 indicates that the service sector is generally expanding; below 50.0 that it is declining).

BusinessNZ chief executive Phil O’Reilly said that after a dip in expansion during May, the pick-up in expansion levels for June was based on various factors.

“While new orders/business experienced another slip in expansion levels, the other main sub-indices all improved during June. Also, the proportion of positive comments rose in June (62.1%), with most comments focussing on market growth, new customers and favourable seasonal patterns”.

BNZ Economist Doug Steel said the PSI has been a touch softer over recent months but remains above average and is consistent with ongoing optimism in the service sector.

All five main sub-indices were in expansion during June. New orders/business (58.3) reduced a further 2.0 points from May, but remained in strong territory for expansion. Activity/sales (54.7) rose 0.6 points after a dip in expansion during the previous month. Employment (52.4) also picked up, while stocks/inventories (55.2) rose 1.9 points. Supplier deliveries (53.5) went back into expansion after a slight contraction in May.

Activity remained positive throughout the country for the fourth consecutive month. In the North Island, the Northern region (52.8) dipped 2.7 points, while the Central region (58.3) recovered after a drop in expansion levels in May. In the South Island, the Canterbury/Westland region (52.3) remained in positive territory despite further easing of expansion, while the Otago/Southland region (56.1) picked up to levels similar to April.

The seasonally adjusted BNZ - BusinessNZ Performance of Composite Index or PCI (which combines the PMI and PSI) for June saw the two options for measuring the PCI improving for one, and holding steady for the other in comparison with the previous month. The GDP-Weighted Index (54.5) increased 0.6 points the previous month, while the Free-Weighted Index (54.1) remained exactly the same as May.

Link to PSI time series data

Link to PCI time series data

© 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