The services sector in New Zealand continued to contract in May, albeit at a slower pace, the latest survey from BusinessNZ revealed on Monday with a Performance of Services Index score of 37.2.
That’s up from 25.9 in April, although it remains well beneath the boom- or-bust line of 50 that separates expansion from contraction.
Individually, sales (32.5), employment (40.9), new orders (35.1), stocks (45.4) and supplier deliveries (41.0) all continued to contract in May.
“We’d caution that just being allowed to open doesn’t guarantee more activity. Standing back, there is no denying the outright level of the PSI remains woeful and still sits well below the lows at around 45 recorded during the 2008-09 recession,” BNZ Senior Economist Doug Steel said.
For comments and feedback contact: editorial@rttnews.com
[Economic News][1]
What parts of the world are seeing the best (and worst) economic performances lately? Click[here][2] to check out our [Econ Scorecard][2] and find out! See up-to-the-moment rankings for the best and worst performers in [GDP][3], [unemployment rate][4], [inflation][5] and much more.
- www.rttnews.com/Content/EconomicNews.aspx
- www.rttnews.com/economic-scorecard/world-rank/industrial-production/highest-performance.aspx
- www.rttnews.com/economic-scorecard/world-rank/GDP/highest-performance.aspx
- www.rttnews.com/economic-scorecard/world-rank/unemployment-rate/lowest-performance.aspx
- www.rttnews.com/economic-scorecard/world-rank/CPI/highest-performance.aspx