(RTTNews) - The services sector in New Zealand continued to contract in September, and at a steady pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 45.7.
That's unchanged from the August reading, and it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components of the survey, sales (45.6), employment (45.7), new orders (46.7), stocks (46.5) and supplier deliveries (43.2) all continued to be firmly in contraction.
"Movements in the PSI sub-indices were mixed in September, but all of them have been below 50 for seven consecutive months. While falling interest rates will be supportive in time, the sector continues to face significant headwinds at present," said BNZ Senior Economist Doug Steel.
